Taming The Wild West Of NFTs

Frederic Remington made a name for himself in the art world by capturing the spirit of the wild west in his sculptures and paintings. Even if you aren’t familiar with his name, you have probably seen a copy of one of his works hanging on a steakhouse wall here in South Florida.

Seeing a copy of Remington’s work, or even buying a copy to display in your own home, is nice, but it is not like seeing or owning an original. The originals are so valuable there are people who dedicate their lives to studying them and authenticating any that come up for sale. Making unauthorized copies, or trying to pass a copy off as an original, can get you into serious legal trouble.

Until recently, there was nothing equivalent to this reverence and protection of originals in the digital world. Now, we have NFTs.

NFTs Either Are The Wild West Or Will Tame It

NFTs, short for non-fungible tokens, are one-of-a-kind digital certificates of ownership. They are bought and sold on the blockchain, and may very well become the way we authenticate and collect unique digital assets. Or they may be a passing fad. It is too soon to tell.

Right now, NFTs are pushing the boundaries at the intersection of the technology, art, and business worlds. But as more established players enter this space, NFTs may become the standard way to assert ownership of digital assets. Instead of being the wild west of the tech/art/business worlds, they may be a way to tame the digital frontier.

By the time lawmakers wrap their heads around what NFTs are, and begin to consider how they might complement our current intellectual property tools or what sort of laws are needed to regulate them, NFTs will either be history or will be too big to control without major legislation. This leaves creators and early adopters in a risky legal position. That’s where the Lomnitzer Law team comes in.

A New Sheriff In Town

As technology rushes into new frontiers, the Lomnitzer Law follows. Every day we help clients who are pushing the boundaries of the technology, art, and business worlds. We help them secure their creations and protect themselves as best as possible from liability — bringing law to the lawless.

One of the first things we do when a client is working in a new area is evaluate what sort of contracts and IP registrations could be put in place to secure their legal rights and protect them from legal liability.

To begin, we have a conversation with our clients about their goals. We then mix and match traditional legal protections to this modern technology. It is actually surprising how versatile contract laws that have their roots in British common law actually are.

The next step is investigating what sort of intellectual property protections we can get in place. Trademarks, copyrights, and patents can help stake a claim and prevent others from cashing in on our client’s hard work. Speed and efficiency are just as critical here as they are when a new technology, product, artwork, or business is being developed and launched, and the Lomnitzer team acts fast to ensure our clients are protected.

Powerful Representation For Your Creation

The Lomnitzer Law Firm, P.A., is South Florida’s premier intellectual property, business, and entertainment legal practice, serving the clients in the Miami area and across the country. Just as our clients open up new frontiers with things like NFTs or their own innovations in the tech, entertainment, and business worlds, our team pushes traditional legal tactics to meet their unique needs.

We excel at resolving legal issues creators may not even realize they have, and we want to help you. Please contact us today to schedule an initial consultation.