NFTs and Intellectual Property: What IP Owners and NFT Creators Need to Know

Everything is being tokenized these days, including art, games, collectibles and much more. The record prices being fetched have created an NFT frenzy. This distribution model has created a new channel for monetization of creative IP. Given some of the unique aspects of NFTs, IP owners need to rethink their IP protection and licensing strategies. IP protection strategies should include specific protection relating to NFTs. Due to some of the unique aspects of NFTs, various new considerations need to be addressed when licensing IP. NFT creators need to be mindful of potential infringement issues when using third party IP and should also consider IP protection for their original creations. Continue Reading

Protecting IP and Limiting Liability When Licensing IP for Digital Art and NFTs

Many things are being tokenized, but the growth of NFTs for digital art is booming. This, in part, is due to the recent headline news that Beeple’s iconic digital art work was sold at auction by Christie’s for $69 million. Other digital art is being created to leverage pre-exiting IP and physical art. This boom is creating great opportunities for IP owners who want to license their IP for use in NFTs. However, for those just entering the space, there are many things to consider given some of the unique aspects NFTs and digital art. Continue Reading

Tokenized Art Legal Issues

The tokenization of physical and digital art has many advantages. Some of the advantages create potential complexities under US law. Each situation is fact specific, but the following is a summary of some of the areas for which careful consideration is needed with tokenized art. This is not a complete list, but provides some of the most common issues that we typically see. These issues can impact the owners/creators of tokenized art as well as the exchanges and platforms that sell them. Continue Reading

How to Successfully Obtain Blockchain Patents

As with other rapidly-evolving technologies, the blockchain space is experiencing a frenzy of patent activity. The data shows that there are 3-4 times as many published applications as there are issued patents for these concepts. This trend strongly suggests that the number of blockchain-related patents will surge in the next couple of years. However, due to recent changes in patent law, it is more important than ever to ensure that you analyze the patentability of blockchain inventions in light of these changes to target inventions likely to result in patents.  Once likely patentable inventions are identified, it is critical to draft patent applications and claims based on knowledge of how the Patent Office has treated prior blockchain patent applications to maximize the likelihood of obtaining commercially meaningful, valid patents.  For more information, view our Flipbook. Continue Reading

Fundraiser for Collection Acquisition Material Concerns Three-Part Artist Lecture Series

In 1999, the estate and family of founding partner, Gordon F. Hampton, gifted his extraordinary collection of contemporary art to the University Art Museum — now known as the Carolyn Campagna Kleefeld Contemporary Art Museum — at California State University, Long Beach.  In keeping with Gordon Hampton’s promotion of the arts and support of the Museum, Sheppard Mullin is pleased to introduce you to a virtual three-part artist lecture series emphasizing material innovation.  The Museum offers this series as a fundraiser for collection acquisitions.  Please see the attached brochure for more information. Continue Reading

The Hammer Falls on the First Major Blockchain-based Art Auction

Christie’s made history again last night during its evening sale, An American Place: The Barney A. Ebsworth Collection, at 20 Rockefeller Center in New York. This time, the history was not in the form of a record-setting sale (though the sale brought in $317.8 million), but as the first major art auction to be recorded by distributed ledger technology. Christie’s teamed with Artory, a company that operates an art-focused, blockchain-based registry, to securely register and track the provenance of over 90 artworks that were offered in the sale. Continue Reading

“Bank For Your Buck” – The Legal Implications of Banksy’s Destruction of “Girl with Balloon”

For centuries, artists have been celebrated for pushing boundaries and shaping how society should view art. As members of the audience, we rely on artists to expose us to these unique dimensions of thought and we return the favor by placing value on their creations. For the past twenty years, one anonymous artist has continuously thrilled his audience by publicly displaying his work throughout the streets of major cities. Banksy, as the public knows him, has once again shocked his audience, this time at the Sotheby’s auction of one of his most famous graffiti pieces, “Girl with Balloon.” Continue Reading

Masterpiece by Bernardo Bellotto Purchased by London National Gallery Consequent to Temporary Export Bar

Introduction

Art export laws are designed to prevent art and artifacts of significant cultural value from leaving its country of origin while also preserving the home country’s competitiveness in the international art market. Many countries have struggled with striking the right balance: Germany’s recent amendment to its cultural heritage protection law in June 2016 was fiercely opposed by the country’s private collectors and art dealers who are now required to obtain an export license for works older than 50 years that are valued over £150,000. Italy sought to achieve balance between government and individual interests by increasing the threshold for artworks from 50 to 70 years under its amendment passed in August 2017. The following article written by Dr. Linda Roland Danil explores the UK’s efforts to resolve these competing interests—as complicated by the post-Brexit exchange rate—in the context of the recent, successful export ban on Bernardo Bellotto’s masterpiece, The Fortress of Königstein from the North. Continue Reading

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