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NordXE, December 14 2021

NFTs and IPRs

In the past year we have seen the new phenomenon in the NFTs – selling virtual properties as NFTs in the Metaverse. Worlds in the Metaverse is not a new thing just remember Second Life of even Virtual Helsinki back in 1996. And of course, here in Finland we are proud of Habbo Hotel launched in 2000. 

So, we know the basis of this, and it makes understanding the selling of properties in the Metaverse as NFTs logical – weird for some – but still logical. We just want to bring up an issue about IPRs in couple of examples. 

First: Mars House was sold in March this year with price tag of USD 500.000 as NFT. Pretty good for a virtual house and you get it as a digital file – so it is not actually in my point of view a property as it is not connected to any Metaverse-system. But let’s leave that on the background. But what happened right away was a fight about IPRs (https://www.dezeen.com/2021/03/26/mars-house-fraud-3d-visualiser-nft/ 

Second: Superworld (https://superworldapp.com) is selling basically the world as NFTs so there is 64.9 billion plots to be bought as NFTs. You choose if you want to own Eiffel-tower or Big Ben in this world. All is great right? Well, even if it is a virtual world somebody still owns the IPRs of usage of many of these places. We are interested to see when lawyers will start to fight over these properties usage rights in the Metaverse.

What are the learnings here – when going to NFT-business in any part of the Metaverse make certain that you have a right partner to make certain that you can sell what you are selling. The owner of the NFT does not want to hear that at the end of the day she/he does not own what he paid for.

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