Formulating a smart contract and minting an NFT

If you are following our NFT self-experiment, you already know what an NFT is and what it stands for. To recap (and add some technical perspective), an NFT is a unique assignment of a specific number and further data, such as an artwork or a link thereto, to an owner (or their public key) in the blockchain. It is unalterable and unchangeably stored on the blockchain. For the NFT to be transferable and to be able to provide information on the current owner of the NFT, the assignment must be managed by a program that creates – or “mints” – the token. For this we need a “smart contract”.

Related briefings

Poland: UOKiK to examine TV broadcasters’ practices

On 5 May 2021 the Office of Competition and Consumer Protection (UOKiK) announced the launch of two anti-monopoly proceedings against: – Polsat Television; and – four Discovery Group entities (ie, Discovery Communications Europe, Discovery Communications Benelux, Discovery Polska and Eurosport).

Tokenized copyrights: Linking an NFT to a copyright licence

In our last report on the NFT (Non-fungible tokens) self-experiment “Formulating a smart contract and minting an NFT”, we looked at what data is packed in a freshly minted NFT. In principle, it is possible to include an entire data set of an artwork (i.e. in our case the GIF) in an NFT and thus on the blockchain. We also pointed out that in our self-experiment we did not only link to the digital artwork but also attached a limited usage licence to the NFT (in the metadata; because otherwise the buyer of an NFT in general will not own any intellectual property respectively rights of exploitation or use to the artwork connected to the NFT).

Hungary: Implementation of EU CDSM and Satellite and Cable Directives

Hungary is one of the first countries in Central and Eastern Europe to fully implement the EU Copyright in the Digital Single Market (CDSM) Directive (2019/790/EU) and the EU Satellite and Cable Directive (2019/789/EU). On 6 May 2021 the so-called ‘Copyright Reform Act’ (Act XXXVII of 2021) was published in the Official Gazette and most of the new rules took effect on 1 June 2021.

NFTs: What about energy and climate issues?

The minting, transfer and even the sheer existence of NFTs require a lot of energy. But what is the reason for all this energy consumption and are there regulatory instruments to curb it?

Latest Briefings

Principles applicable to an ‘insolvent’ trust in Jersey

It is important that trustees understand their obligations if their trust structure comes under financial stress. Helpfully, the Jersey courts have provided guidance on the principles applicable to ‘insolvent’ trusts, which is likely to be highly persuasive in other jurisdictions.

Flexibility and teleworking

Flexible working is not a new concept in the UK, and it exists in a number of forms, both formal and informal.

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