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• Non fungible token update#

The exhibition presents around 25 positions by artists (one from Guido Kucsko) who deal with the new system of meaning and values, examining the role of artists in a high-tech environment and discussing the effects of virtual spaces on our everyday life. This is one of the world's first museum exhibition on the history of NFTs and digital art, giving an overview of the origins of NFTs and their development: from the first formative attempts with digital technologies, first artistic experiments with the blockchain, through to current crypto art. The exhibition " PROOF OF ART – A brief history of NFTs, from the beginnings of digital art to the metaverse" at the Francisco Carolinum in Linz opened on 11 June 2021 (available to the public until 15 September 2021), and our NFT which had been sold to the museum, was one of the works presented. Read more about determining the applicable law and the contract contents in an NFT transaction in " Civil law aspects of selling a token – a random selection". Transactions must be analysed in their "new" technological, as well as in their "classic" legal contexts. These are important questions to ask when buying and selling an NFT. We had to perform several necessary transactions for the NFT to be assigned to the museum's wallet (specifically, its public key).įinally, the NFT was sold, but which law applies to the sales contract? And what is the contract comprised of? Are there certain rights that purchasers of NFTs can always rely on (because they cannot be waived)? We enthusiastically accepted the offer from the museum, however, this was not possible with only a simple click.

This was not entirely unexpected: The director of the museum was in the process of preparing one of the world's first museum exhibitions on the history of NFTs in art and he was already in touch with Guido in this regard.

Non fungible token update#

Want to stay up-to-date? Register for our newsletter and be sure to pick the legal area ip & unfair competition, and the industry technology & digitalisation to get our weekly NFT self-experiment update in your mailbox.Īfter receiving three bids for the NFT on the NFT platform OpenSea (in quite a short time), Guido Kucsko accepted the offer to buy the NFT, selling it to the Francisco Carolinum Museum in Linz. Guido Kucsko, who headed the ip practice group for several years (and is also a conceptual artist), Anna Katharina Tipotsch, who has a focus on art law, Alexander Pabst, an expert in technology law, and Dominik Tyrybon, specialised in transactions, decided to start an NFT self-experiment. We will take you step-by-step through our self-experiment and examine the legal issues that arise at each stage on a weekly basis. The topic was explored and the idea to conduct an experiment came into being. Our lawyers, many of whom also lecture at various universities, have fielded a lot of questions about NFTs in their university courses, which were also discussed at Schoenherr's regular ip & technology practice group meeting.

The popularity of NFTs is not only rising in the virtual world, but also in the legal sphere. Read more about the various legal aspects we examined during our self-experiment-journey in our legal insight " Let the NFT Self-Experiment begin". an artwork to an owner in the blockchain that can be freely transferred. your pet is "non-fungible". Same with NFTs: An NFT is a unique assignment of e.g. However, if you give someone your pet because you are going away for the weekend, you expect that after the weekend they will not give you back just any pet, but exactly yours, because it is not easily exchangeable, i.e. Of course, you do not expect to get back the same banknote that you gave away when lending the money.

If you lend someone EUR 10, it is sufficient if he or she gives you back any EUR 10 banknote (or the money otherwise in equivalent banknotes and/or coins). To understand the concept of NFTs and what "non-fungible" stands for, think about a EUR 10 banknote. NFTs give creators and investors the ability to sell and buy exclusively digital objects that range from paintings and gifs to songs and everything in between. But before you quit your day job to become an NFT artist, you have to know how NFTs work. Still, uncertainty surrounds various legal aspects. NFTs are an especially hot topic in the industry, and NFT artworks are being sold for millions. This brings new opportunities and challenges, but also raises many question marks. The art industry is changing and is even moving into the digital sphere.