INTERPRETATION OF NON-FUNGIBLE TOKENS (NFTS) AND BLOCKCHAIN TECHNOLOGY IN INDIA

The rise of non-fungible tokens (hereinafter referred to as “NFTs”) has changed the way digital properties operate and as such presents new possibilities for, in this instance intellectual property rights notably copyrights. This paper interrogates how the emergence of NFTs and blockchain technology are challenging, reconstituting conventional copyright law regimes NFTs – unique digital assets with proof of ownership verified through blockchain technology – have swept across an array of industries from art and music to entertainment, providing a new way for creators to both authenticate their work and monetize it online. However, the intersection of NFTs and copyrights raises complexities regarding ownership, infringement, and the scope of rights pertaining to NFT transactions.

The paper assesses the current legal framework, scrutinizing how existing copyright laws pertain to NFTs, while also examining notable court cases and legal precedents. Additionally, it examines the implications of smart contracts, which are frequently employed in transactions to automate and enforce the terms of agreements, and their potential impact on copyright enforcement and licensing.

The paper also examines the global aspect of copyright and NFTS, analyzing how various countries are adapting to these technological innovations. It emphasizes the difficulties of aligning copyright laws across different countries in the digital era and the potential for international treaties and agreements to contribute to the development of a unified legal framework for NFTS.

Finally, the paper suggests possible changes and future paths for copyright law in response to the continuous development of non-fungible tokens and blockchain technology. The paper concludes that while NFTs present exciting prospects for monetizing and distributing digital content, a comprehensive and well-defined legal framework is essential to tackle the intricate copyright challenges they entail and safeguard intellectual property rights in the digital age.