Rule

In both common law (e.g. US, UK) and civil law (e.g. the EU) traditions, copyright ownership can be transferred only by a written contract.

The same requirements relate to an exclusive license (i.e. license in which the copyright owner is obligated not to share the IP with anyone else).

The agreement can be signed by a handwritten signature or using a qualified e-signature.

The latter is subject to strict requirements which are not met by blockchain transactions.

Therefore, regardless of the wording on the project's website (e.g. Bored Ape Yacht Club ), via blockchain transactions, you will not become a copyright owner.

What IP comes with a purchase of NFTs?

In the best scenario, NFT holders get a non-exclusive copyright license not limited to territorial or time scope.

Another issue is that project founders need to also properly secure the copyrights they own.

Without a valid transfer of copyright from the actual artist to the NFT project founder, none of the licenses the project founder grants to NFT holders is valid.

The agreement they have with artists who prepare the art must meet the requirements laid down in the applicable law.

In other words, the artist who did not correctly transfer their copyrights to the NFT project founder may later sue an NFT holder who uses an art if he falls out with the owner.

What IP do the NFT project founders grant to the NFT holders?

NFT Project founders usually choose to:

A) grant unlimited copyright license e.g.

• BAYC • Azuki • Alien frens