I have created an NFT of my artwork. What should I consider in distributing and selling my NFT?
You should consider what rights you wish to grant to holders of your NFTs, and what purposes such holders can and cannot use your NFTs for. For instance, you may wish to make clear that holders of your NFTs do not own the IP rights to the artwork in your NFTs and not make derivative versions of the artwork.
You should also consider how you will make these terms binding on all holders of your NFTs, including purchasers and subsequent purchasers. Often, this is done through the inclusion of terms in the contract of sale for the NFT. You should check whether your marketplace platform allows you to include such terms in the sale of your NFT. Some platforms include standard terms that are binding on all transactions occurring on their platform. In relation to other intricate rights such as fund-raising rights, or giving NFT holders the right to vote on your platform, you may wish to seek further legal advice on whether such rights can be given effect to, and if they are regulated under Singapore law.
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