NFTs’ reputation as a fool-proof way to demonstrate ownership has created confusion regarding the ownership of the underlying IP rights, which has led to some people taking advantage of this by selling counterfeit copies of digital content.
Blockchains can be used to pinpoint the owner of the NFT at any given time as well as reliably document all transfers of the token. The copyright, other IP rights and possible licensing agreements made in connection with acquiring the NFT, however, are not immediately accessible by others. That is why the owner of an NFT cannot be used to verify the ownership of the underlying IP rights. Usually, it is left up to the buyer to ensure that the NFT in question is attached to the original work and not a copy. Some NFT marketplaces have begun combatting this issue by requiring verification of the physical person selling the digital asset. Some, on the other hand, leave all responsibility to the buyer.
When jumping in on the NFT business you should always ensure you are clear on what you are actually buying or selling; the token itself or any of the underlying IP rights.