According to a report released by Galaxy Digital Research called “NFT Licensing Survey: Fact and Fiction”, the vast majority of NFT holders will not own the IP of the assets they purchase.
The report states that many publishers, including the largest, Yuga Labs, appear to be misleading NFT buyers about the intellectual property of the content they sell.
Of the top 25 NFT projects by market capitalization surveyed by Galaxy Digital, only one was found, World of Women (WoW), which attempted to license intellectual property to its NFT buyers.
Creative Commons licensing, although seen as a solution to the restrictive licensing used by most projects, is obsolete from a legal point of view as it moves IP completely into the public domain, making it impossible for NFT holders to go to court defend its ownership.
The report said that the broad vision of Web3 will not be realized without improving on-chain performance and transferring intellectual property from NFT issuers to NFT holders.
Alex Thorn, head of research at Galaxy Digital, told CoinDesk that most NFT authorizations currently on the market can be changed, revoked or modified at any time for absolutely no reason, even without notifying the NFT holder.
