Last Updated: December 29, 2021

NFTs Growing Business Applications

Other Applications for NFTS

As NFTs are growing in popularity, there is a question about their other applications in business. NFTs are date and time stamped so can they act as authentication? Or even outline property rights? Let's take a look at how NFTs relate to trademarks and copyrights.

Trademarks:

Luxury brands have always used serial numbers to authenticate their products. Could NFTs and the blockchain be a tool to do just that? The answer is yes. For these brands, NFTs are being used to provide authentication services. 

For musicians or athletes, NFTs can be used to create brand awareness or even new revenue channels. This is possible through the creation of NFT release packages. For example, if an athlete license to release exclusive content for their fans. 

A key takeaway from this is; does your trademark cover NFT brand usage?

Copyrights:

An NFT is not a replacement for copyrights but can act similarly. Copyrights are used to obtain protection over intellectual property. NFTs can provide proof of ownership claim to the version or copy. 

Being aware of the contracts and agreements is always crucial with NFTs or copyrights. You may think by purchasing an NFT you are getting all the rights associated with that as if it is copyright, but that is not always true. You may only get some rights to the NFT.

In conclusion, NFTs can work cohesively with both trademarks and copyrights. As the application for NFTs in business is explored, they will become more relevant for daily functions. 

For more information on NFTs check out our blog.