NFT and IP Rights: Need for Improvement

“Twitter’s CEO Jack Dorsey sold an NFT of his first tweet for the equivalent of USD 2.5 million”. You all must have seen many headlines like this on your mobile screens over the past few months, which is of no surprise being one of the most viral technological stories in the year 2021. While we were still trying to grasp various intricacies of blockchain technology and cryptocurrency, another concept by the name of NFT has occupied our laptop and mobile screens. NFT have caught the eyes of the people as early as 2012, how it was only in early 2017 that it took the world by storm. Now those of you who have little interest in technology and still wondering how can a tweet be sold for such a huge amount of money will be more surprised in knowing that tweets are only one of the plethora of things which are now tradable using NFT. A perfect example of this would be crypto kitties, which allow people to trade virtual kitties over the internet, making people turn head-over-heels. The craze of NFT has also reached our Bollywood industry and various celebs like Amitabh Bachchan who have even planned to launch his NFT collection of movie posters. It is no doubt in saying that this breakthrough technology has huge potential and has instantly taken the art and tech worlds by storm. Hence become necessary to look at its various implications in the field of IP rights.