Non-fungible Token (NFT) Purchase and License Agreement

Summary

This non-fungible token ("NFT") purchase and license agreement governs the relationship between a creator and buyer of a NFT sold through a recognized, public, third-party marketplace. This template includes practical guidance, drafting notes, and optional clauses. Standard sale agreements transfer title of an item from a creator to a buyer, which generally ends the relationship between the parties barring some express or implied warranties regarding use. NFT sale agreements usually contain additional intellectual property ("IP") licenses and related terms. In typical NFT-related transactions, ownership of IP rights is not transferred along with ownership of the NFT. Rather, the creator of an NFT will generally retain ownership of the copyrights, trademarks, rights of publicity, and other IP rights in the artwork, designs, and other material that is the subject of the NFT. The buyer obtains ownership only of a unique digital token recorded on the relevant blockchain's distributed ...