June 28, 2022

Volume XII, Number 179

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(Virtual) NFTs: Exploring the Legal and Business Challenges of Monetizing Unique Content with Digital Assets

Join us for a series of conversations on the legal and business aspects of the phenomenon of non–fungible tokens, known as NFTs. Guided by Foley attorneys and their special guests, our four–part program will cover the legal and business landscape (and landmines) that surround NFTs, including technology and patents, purchase/sale transactions and smart contracts, and ownership and property rights. You will find the line–up, details, and an RSVP link below. We hope you will join us.

SESSION 1 | Digital Markets: Creating a Global Digital Asset and Marketplace to Monetize Content

Description: Nonfungible tokens (NFTs) are still growing in popularity, with people paying (seemingly) ridiculous prices for NFTs. After all, someone paid 300 ETH (roughly $590,000 at the time) for an NFT of Nyan Cat, a smiling animated cat with a Pop-Tart body, flying through space and leaving behind a rainbow trail. An NFT of a single tweet sold for $2.9 million. “Disaster girl” sold for $500,000. Some might notice some parallels to the 2017 initial coin offering (ICO) craze.

SESSION 2 | Smart Contracts: Programming Code, Legal Agreements, or Something Completely New?

Description: The concept of “smart contracts” is an integral part of the NFT phenomenon but, putting aside the ability to confirm ownership or effect a transfer, how do the various other rights and obligations that are part of a traditional contract fit in? We’ve all heard by now that NFTs are “immutable,” but in the traditional contract sense, a single set of otherwise immutable words (i.e., the ‘four corners’ of a contract) often mean different things to different people. Not so with programming code on a blockchain. For NFTs, whether this distinction will be a limitation or harbinger is still playing out.

SESSION 3 | Patenting NFT Technology: Identifying Opportunities and Addressing Pitfalls

Description: We will discuss how to identify possible areas of innovation around NFTs and how to gain a competitive advantage in the NFT space using patents protecting that innovation. We will also discuss challenges to patentability and potential strategies for addressing those challenges.

SESSION 4 | Trademark & Copyright Issues for NFTs – A View from the Entertainment Industry

Description: The entertainment industry is leading the way in the NFT market, from sports to music to art, and everything in between. But all brand owners and content creators, and those who work with them to “mint,” sell or resell NFTs need to understand the trademark and copyright issues surrounding this innovative technology. Hear from someone on the front lines and learn practical tips and key takeaways to protect valuable IP, while maximizing value.

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