As all good lawyers would say… That depends. Right now the biggest question for outsiders is going to be focused on what an NFT even is. What is an NFT? Is it art? Is it real? How do I look at it? How do I buy it?
After a couple of months deep diving into the space, I realized that not only do I think NFTs are amazing, I think they are an absolute ticking time bomb when it comes to legal issues. There is TONS of gray space in contracts between creatives and major corporations when it comes to the potential for NFTs. What about an artist from the 1990’s? His label sure didn’t expect him to recycle any information for the potential of an NFT.
By the way, if you’re here and you’re still asking, an NFT is a “Non-Fungible Token” and honestly I won’t claim to be the right source to catch you up to speed. I’ll point you towards Open Sea’s “The NFT Bible” at https://opensea.io/blog/guides/non-fungible-tokens/ and for further learning, NFTs.tips.
For the shortest description possible“The underlying thing that you’re buying is code that manifests as images,” Donna Redel, who teaches crypto-digital assets at Fordham Law School, was quoted as saying by NPR:
“You’re buying a different format of art.”
Her description is right for the most part, as the nexus of NFTs seems focused primarily on 2d and 3d art, whether static or animated. But progress is already being made to “mint” audio and other mediums. Even as far as a YouTube clip of something as simple as Logan Paul opening a pack of Pokémon Cards.
But I digress, this piece is to answer the operative question: Am I the NFT Attorney?
My answer is that no one will ever be THE leader in any space, but I am absolutely open to working with artists, creators, engineers, platforms, companies, collectors, curators, or whoever else needs an attorney who understands both what NFTs are and how they work.
To be fair, no one is going to quote you the “LAWS OF NFT” or the “RESTATEMENT OF NFT” because that does not yet exist. As of now, this will involve a mix of corporate, entertainment, IP, Securities, and general business law mixed with Smart Contracts. If you’re asking what a smart contract is… I’ll post another piece on that but for now, Google it ☺
The way to apply this legal knowledge will be similar to the 2017 rush associated with ICO’s, blockchain tech, and Cannabis. These spaces were previously unregulated, but as time went on and lawyers had to operate in the dark, the courts began to shed light and many lawyers found that the precedent associated with other spaces were then applied to the new spaces, in a similar way they had previously been applied to other things in the past.
So, maybe I’m the NFT Attorney, but only time will tell how much that means to the market. In a pretty short amount of time where I have held myself out as an expert on NFTs, I’ve already worked with artists, engineers, creatives of all shapes and sizes, buyers, sellers, collaborators, companies raising money, companies funding projects, agencies, and everything in between.
I’m currently receiving multiple inbound leads per day on this topic specifically and honestly most people that reach out have viable questions and need an attorney. As of now, many of them have chosen to go with me as they see the value in my knowledge as both an attorney and someone who is fully up to speed on the ins and outs of NFTs.
If you have any questions about any of the abundant legal issues associated with NFTs, feel free to reach out to me here at jacob@jtmtechlaw.com or send me a DM and I’d be happy to let you decide for yourself if I’m the NFT attorney. Thanks for reading,
Jacob