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So, when you buy an NFT, what do you get? An NFT is not to be confused with copyright – an NFT only gives you a proof of ownership. There is no copyright transfer, unless explicitly mentioned. You get ownership of the artwork, with licensing terms encoded as metadata along with it. Some creators will let you use your copy only for personal use, while others might permit commercial uses. You will be free to showcase the NFT in a digital or physical gallery and resell it in a secondary marketplace. Some creators may demand a royalty every time someone resells the piece. For example, RTFKT takes a 5% cut of every sale and resale of an avatar, and 10% for all other products including virtual shoes. This is an example of royalties being built into the NFTs. Since the copyright still exists with the creators, they can create more NFTs based on their art. They can even make more copies of the exact same NFT, but those can only be sold as ‘copies’ as someone has already bought the ‘original.’ There is a tool called CloneMyNFT, which the developers describe as an NFT backup service. It lets the creator keep a copy of the NFT in their wallet even after selling the original. According to the London based software company, “The system works by creating an exact digital copy of the artwork but with another unique contract on the blockchain, effectively making it an almost exact clone of the original NFT. The digital art copy will lack the provenance of the original NFT but will look identical in appearance and could even be sold as a copy.” “Where the confusion starts is when we mix ownership with copyrights, which are totally independent and governed by what the creator is offering. NFTs in there current form only resolve the ownership aspect of digitised assets, and not essentially the copyrights. As the crypto and blockchain space evolves further we should be seeing decentralised management of copyrights, which then could be linked or encoded with the NFTs instead of just residing as a metadata,” comments Menon.