Smart contracts aren’t legal contracts.
But BAYC’s terms actually demonstrate how hard it is to get derivative works right, and how many potential pitfalls there are.
One simple answer would be that when Alice sells the NFT, any sublicenses she’s granted are terminated when her ownership ends. But this would be terrible from Fern’s perspective, because without a license, showing their movie could be copyright infringement! It’s also terrible for Alice, because artists wouldn’t want to pay for rights that disappeared every time the NFT changed hands.
But this solution means Bob is getting something less than the full rights the original NFT creator granted. He will have to investigate the entire chain of the NFT he’s buying, making sure previous owners like Alice haven’t already given away part of the copyright. This runs contrary to the crypto ethos that as much as possible should be done in public and on-chain.derivative works terminates, but that they can continue to usesome license terminations.
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