Abstract

NFTs have become the touchstone of the new digital age. Though the term is in the process of receiving its recognition, its operation and existence is yet to be grasped comprehensive-ly. The build/elements of an NFT churn out the limitations and applications of the asset and what exactly is its scope. This paper in the first part seeks to divulge into the elements of the NFT – the item and metadata and attempt to clear some of the shroud regarding NFT. The second part of the paper is concerned with the legal implications of NFTs and whether NFTs infringe upon existing Intellectual Property Rights (IPRs). At the same time, it discusses the possibility of NFTs being protected by other IPRs. The paper seeks to comprehensively but compactly illustrate how NFTs are currently being utilized and how they may continue to do so without infringing IPRs. It also lays down some solutions as to how we could combat the lacunae of proper protection.

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