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ARTICLE · 15 FEBRUARY 2022

NFTS: Buyers Beware! The View From Russia

Gowling WLG
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According to the research firm Block, the trading volume of non-fungible tokens (NFTs) exceeded $13B in 2021. This is 400 times that for 2020 ($33M).

RussiaTechnology
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According to the research firm Block, the trading volume of non-fungible tokens (NFTs) exceeded $13B in 2021. This is 400 times that for 2020 ($33M). It is estimated that the art market currently accounts for about 30% of all NFT trades.

In light of this trend, it is crucial for those intending to trade in digital art NFTs to have a firm grasp of how IP rights come into play.

Under Russian law an NFT is not, in and of itself, an IP asset. It is a digital certificate of ownership of the digital asset linked to it. An NFT contains data about its owner (or the chain of owners, if the NFT has already been resold), and information about rights to a digital asset linked to it, which its buyer acquires.

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