Manatt entertainment transactions and finance Leader Jordan Bromley and fintech Leader Brian Korn discussed how non-fungible tokens (NFTs) must navigate existing copyright law, an already prickly space for NFTs involving music given the music industry’s intricate web of rights-holders, with Billboard.
The publication recognized that as artists and executives strategize on how best to approach the emerging market, so must their lawyers. Bromley noted that “the bigger the brand, the more successful [the NFT will be], not because people want to listen to the music but because they think they can get a higher price when they resell it."
The very qualities that make the blockchain appealing – it is decentralized, anonymized and global – make enforcing copyright law a challenge, Billboard explained. "You can’t call somebody who’s the CEO of the blockchain and have a transaction shut down," Korn added. "It’s a much more ruthless environment."
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