NFTs: License to Own?

Abstract

In recent years, NFTs have burst onto the global scene, quickly going from an internet meme to a multi-billion dollar digital industry. These digital assets have everyone talking, but nobody seems to know what they are or whether you actually own anything when you buy one. This article uses extensive philosophical, legal, copyright, and empirical research to explore what is actually being purchased with an NFT. With everything from the morale words of John Locke to warnings from the district office of Manhattan, this article quantifies what NFT ownership entails, which is, essentially, nothing. Although governments acknowledge the possibility of legitimate ownership for NFTs, the lack of regulations and protections, as well as the unclear copyright laws and shady ownership claims make NFTs, for our current legal system at least, essentially worthless.