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ARTICLE · 08 SEPTEMBER 2021

NFTs And Intellectual Property

Panitch Schwarze Belisario & Nadel
Explore more from Panitch Schwarze Belisario & Nadel

On June 29th, an auction for NFTs connected to famous Hot Wheels cars was concluded. I own an example of "Twin Mill," and I have seen the life-sized replica at the SEMA Trade Show in Las Vegas...

United StatesIntellectual Property
Steven D. Lustig
Steven D. Lustig

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On June 29th, an auction for NFTs connected to famous Hot Wheels cars was concluded.  I own an example of "Twin Mill," and I have seen the life-sized replica at the SEMA Trade Show in Las Vegas (See below.)  So I was intrigued.

However, I wasn't surprised to learn that the NFT auction did not convey an example of Twin Mill.  Rather, it conveyed unique ownership rights that corresponded to a piece of digital artwork.

In another auction, Barrett-Jackson auctioned off NFTs that relate to the first examples of certain significant production cars.  The cars carry Vehicle Identification Numbers ("VINs") that end in 001 – indicating they are the first in a series.  Keep in mind that the cars themselves were already  auctioned off in March.  The NFT auction in June was for the NFTs coupled with, "1 x exclusive video, 1 x illustration and 3 x still images, all relating to the historic sale of... VIN 001... for you to enjoy in your Motoclub digital wallet!"

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