Most purchasers of Bored Apes and other NFTs think they own the copyright to the image; that they own the Bored Ape. Unfortunately, these early NFT drops were fatally flawed by poorly drafted, or non-existent, sale contract language. Yes, you own the NFToken (smart contract). It is less clear what your rights are in the copyrighted image that is the Bored Ape. Your Bored Ape NFT is ... well .. maybe yours and maybe not.
In this episode, we go through the Bored Ape sale contract (aka Terms of Use) line by line to see what was really sold, and what was not. Membership in the Bored Ape Yacht Club is great. Owning the copyright to your Bored Ape is better. If you are a Bored Ape owner, considering buying a Bored Ape or putting together your own NFT drop, you need to watch this video until the end. We promise you will be surprised by what you learn.
Table of Contents
00:00 - So you think you own that Bored Ape?
00:06 - The Board Ape Yacht Club
00:32 - What you actually buy.
00:56 - What you can sell downstream.
02:10 - The non-fungible token which is distinct from the digital image
04:53 - the smart contract is linked to the digital image.
05:43 - Your Bored Ape token contract
10:20 - But what about the actual image?
17:28 - Understanding copyright law.
21:06 - THE BAYC Terms of Service
28:13 - The future for Ape owners
.................
Our NFT videos from our former channel: [ Ссылка ]
Contact Blockchain attorney Enrico Schaefer: [ Ссылка ]
TL Blockchain Attorneys: [ Ссылка ]
FREE! NFT License Agreement Template/Sample - [ Ссылка ]
Like us on Facebook- [ Ссылка ]
Follow us on Twitter- [ Ссылка ]
Connect with us on LinkedIn- [ Ссылка ]
Free Open Source NFT License: [ Ссылка ]
OpenSea NFT platform: [ Ссылка ]
Rarible NFT Platform: [ Ссылка ]
TL NFT Video Channel: [ Ссылка ]
Legal Checklist for NFT Projects
Do a trademark availability search for your project name. If there is something similar that already exists, you could get shut down, lose your domain name, and have to shut down your NFT store.
Register your project name as a trademark as soon as you determine the name is available.
Obtain a work for hire agreement with all artists involved in creating the digital image for your NFT project. make sure your company actually owns the copyright to the images associated with your NFT.
Draft a copyright licensing agreement for your NFT project as part of your roadmap. You need to understand your licensing model before you launch, and typically as part of your initial business plan.
Make sure your project offering won't be considered a security by the SEC. there are a number of factors that will impact the issue of whether your NFT is considered a security.
Determine how you will permanently communicate copyright rights to your NFT buyers, through the platform, one your website, or on the interplanetary file system.
#nft
#crypto
#boredapeNFT
