I would like to create an NFT. What do I have to consider when creating the NFT?
This depends on whether you own the rights to the underlying asset which will be the subject of the NFT (for example, copyright in the artwork or piece of music). If you do not, you will have to ensure that you have permission to use the underlying asset to avoid inadvertently infringing the IP rights in the asset, such as copyright and trade mark rights, of other parties. See Section 2 in this document.
In a recent case, a rare book was acquired for a large sum of money and the purchaser intended to commercialise the contents of the book through issuing a series of NFTs replicating excerpts of the contents. However, the purchaser was unable to do so, since they had not acquired the copyright to the book’s contents.
If you are the owner of the underlying asset, you may also wish to consider securing appropriate IP protection (e.g. filing for trade mark registration for the underlying asset) so that you are in a position to control unauthorised use of the underlying asset by holders of the NFT. In respect of applying for trade mark protection for your mark in Singapore, you may wish to refer to IPOS’ circular on Classification Practices on NFTs and Metaverse-related Goods and Services.
Can’t find what you’re looking for?