[Guest Post] Book review: NFTs, Creativity and the Law – Within and beyond copyright

This book review of “NFTs, Creativity and the Law – Within and beyond copyright” edited by Enrico Bonadio and Caterina Sganga, is kindly provided by our former InternKat Alexandre Miura (Qualified Lawyer (Portugal and Brazil)) Here is what Alexandre has to say:

The book consists of an introduction, fourteen chapters, and an epilogue on the application and impact of new technologies (such as blockchain, NFTs, and smart contracts) on the exploitation of copyright-protected works. It is structured in four parts – (i) the first covers new technologies and copyright, platform liability for the issuance of NFTs and the latter’s possible use in copyright offices; (ii) the second tackles possibilities of exploitation and protection of art via NFTs and blockchain;(iii) the third analyses current uses artists make of such technologies to exploit their works; and (iv) the fourth addresses the longevity and potential issues revolving the exploitation of IP via new technologies.

While the topics discussed are contemporary, they can be complex and difficult to grasp for those unfamiliar with the underlying technologies. The editors and authors have excelled in simplifying and making the concepts of blockchain, NFTs, and smart contracts accessible to the reader. 

In the first part, the chapter by Eduardo Alonso and Esther Mondragón plays a pivotal role in illustrating with schemes and structures what an NFT is and how blockchain works, in a manner that facilitates the comprehension of the reader of the fluxes of data and its rationale - essential for the subsequent chapters. Highlights of the first part include the work of Magali Contardi and Marie Clopterop, and Peter K. Yu. The latter discusses how copyright offices could use technology such as blockchain in the registration process, which would result in a better environment for copyright transactions at an international level.

Part II also provides great insights and food for thought, as the reader, at this point, is familiar with the concept of NFTs and is already pondering how they can be used to generate revenue. Péter Mezei and Ioanna Lapatoura bring examples of how NFTs are being used by museums and galleries and discuss their potential effects on such institutions. The conclusions by Giancarlo Frosio and Anthony O’Dwyer caught this writer’s attention. The authors draw an insightful comparison between the concerns raised by artists upon the advent of motion pictures and the democratization of access to works of art that it brought about and how NFTs can play a relevant role in democratizing art and its exploitation by artists and creators. 

Part III discusses how groups of artists could use NFTs and technology to commercialize their art. Enrico Bonadio and Siri-Helen Egeland discuss examples of how artists deal with the tokenization of their art, interviewing artists on their vision of this market tendency, helping the reader better understand their perspective on the matter.

Part IV discusses economic and philosophical aspects related to NFTs, bringing up the tone of the skepticism mentioned in previous chapters. Patrick Goold takes a particularly strong stance on the relevance of NFT for IP rights (trade mark and copyright), further analyzing potential insights, problems, and solutions for these rights from an economic perspective.

The epilogue by Andres Guadamuz materializes the impression that this author had on the topic of NFTs – their relevance (at least within intellectual property law) has been progressively decaying since its appearance around 2018. Despite this, the author understands that it remains an intriguing area of study for academics due to the many factors, including copyright infringement claims.

Technology has developed tremendously in the past 10 years, and, notably, new technologies that seemed to have a long and promising future have not lived up to their hype. This was the case with Blu-Ray, (to a certain extent) NFTs and more recently, the Metaverse. Although some of these technologies did not take off, their relevance has not completely faded, especially having regard to their potential to create revenue. As mentioned in Part II of the book, NFTs still can play a relevant role in providing the general public with access to works of art belonging to museums and galleries. The referred access provides a window of funding opportunities since there are people still investing in this type of asset.

Furthermore, the contrasting viewpoints brought by authors regarding NFTs, either as a significant instrument for copyright exploitation and protection or as a depreciating asset, afford readers the opportunity to formulate their own judgments on the utility and pertinence of such technology in copyright-related issues and its prospective implications.

If you are someone who intends to work or is already working in the field of technology and intellectual property, this book offers not only insights into current technologies but also foresights into challenges likely to emerge in practice.

Details:

Published: 2024

Format: Hardback, Paperback, Ebook

ISBN 978-1-032-49740-2

Imprint Routledge

Publisher Routledge