What rights does the initial buyer have?
When you buy an NFT, think of it as entering into an agreement with the seller, much like buying a unique piece of art with specific terms attached. This agreement, often in the form of a digital contract (not a smart contract, just a regular contract in digital form), spells out the details of your purchase, including what you're allowed to do with the NFT.
The heart of the matter often lies in the contract's fine print. It might grant you certain rights to the digital artwork or content tied to the NFT. However, unless the contract clearly states it, buying the NFT doesn't mean you get intellectual property (IP) rights to the content. In simpler terms: owning the NFT means you have a unique digital item, but it doesn't always mean you can reproduce or profit from the content it represents. Always check the specifics of the agreement.
At IOGINALITY, we've streamlined the NFT transaction process for utmost clarity and ease. When you buy an NFT on our platform, the associated contracts and intellectual property (IP) rights licenses are seamlessly integrated into the tokens themselves. As you proceed with a purchase, a concise summary of the main terms is displayed, ensuring you're always informed about what you're acquiring and the rights that come with it.
For galleries and dealers, our platform offers a versatile set of templates. While these are comprehensive and address all NFT-related concerns, they're also customizable to fit specific needs. This means you can tailor them without the fear of overlooking crucial details, ensuring every transaction is transparent, secure, and in line with your requirements.