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ARTICLE · 15 NOVEMBER 2022

Copyright Issues With Respect To NFTs: The Indian Context

Khurana & Khurana, Advocates and IP Attorneys
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NFTs (Non-Fungible Tokens) are digital records that represent ownership of unique items.

IndiaIntellectual Property
Sonakshi Pandey
Sonakshi Pandey
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NFTs (Non-Fungible Tokens) are digital records that represent ownership of unique items. They are generally not considered as digital assets; rather a representation of them in tokenized form on blockchain. These unique items can either be intangible (in digital form) or physical.

How are NFTs different from Cryptocurrency?

NFTs exist on blockchain technology just like cryptocurrency. However, they are different because unlike cryptocurrency, NFTs are non-fungible. Each NFT is unique and cannot be traded or exchanged with other assets of the same kind. This is why, NFTs cannot be used as a purchasing medium or a reward for blockchain mining and hence, cannot serve as a medium of exchange in case of commercial transactions.

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