DUBAI, UAE — Multinational business consortium Sandjar Group led by Dr. Sandjar Muminov registered the first intellectual property certificate to legally protect and secure the copyright of unique non-fungible token (NFT) artwork.
The first real protected NFT belongs to digital artist Vladislav Tkachuk, co-founder of the art group Synticate. The copyright certificate for Composite Copyright Work is recognized internationally by 181 countries worldwide and verifies the investment valuation of $317,000.
As the rightsholder of this NFT, Synticate can receive bank loans (using NFT as a collateral asset), record NFT in corporate balance sheets as an intangible asset increasing capitalization, can rent, lease, or even benefit from franchising. Synticate can ban and, more importantly, enforce this ban on any unauthorized copying of NFT on the web and the real market, remove fake replicas of protected NFT and enjoy all other forms of legal protection.
NFT ledgers claim to provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT are uncertain and often allow the sharing and copying of digital files. In the real economy an artist, who is protected by copyright, in case of violation can claim his intellectual rights to all official bodies like police, prosecution, courts, and cybercrime, and can be supported physically in distinguish to web-links for smart contracts or blockchain codes.
“First IP rights registration for NFT concluded fearless public disputes. Synticate’s NFT is initiated to become a part of the real economy. It is legally protectable, enforceable and material for the global market,” Muminov said.
“Current precedent will go down in history as the first-ever method to evaluate NFT virtual digital art in a form of real and material art objects. The recognition of the NFT artworks by legal international authorities will protect artists from losing their authorships and will claim crypto market to be more legal and trustworthy,” said Creative Director and Co-founder of the Synticate, Vladislav Tkachuk.
