“The regulatory vacuum governing cryptocurrencies and other blockchain driven assets is the biggest risk for NFTs. Another point of concern is whether the creator owns the copyright in the digital art sold as NFT or the person who purchased the said NFT. In various jurisdictions around the world, the general consensus is that the creator retains the exclusive copyright over the work and the NFT is simply a license granted to the purchaser, however, due to lack of specific law or any well-known judicial precedent, it still remains to be tested," said Rajat Prakash, managing partner at legal firm Athena Legal.
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