🔍NFTs are not a panacea but have value and legal issues.
🔄Contracts between NFT buyers and sellers determine value.
🔄Secondary buyers lack contractual privity with issuers.
🌐Off-chain perks and terms present legal uncertainties.
❓Prudent buyers should carefully review NFT terms and conditions.
What is the difference between on-chain and off-chain problems with NFTs?
—On-chain problems relate to legal issues within the blockchain, while off-chain problems concern issues outside of the blockchain, such as the terms and conditions set by the NFT issuer.
Do secondary buyers have the same rights as primary purchasers of NFTs?
—No, secondary buyers do not have the same contractual privity as primary purchasers. Their rights and obligations are determined by the terms and conditions of their specific transaction.
What are off-chain perks and terms?
—Off-chain perks and terms refer to benefits and conditions provided by NFT issuers outside of the blockchain. These can include access to exclusive communities, events, or additional digital content.
Why should buyers review NFT terms and conditions?
—Buyers should review NFT terms and conditions to understand their rights, obligations, and the scope of any perks or benefits associated with the NFT. It is important to be aware of any limitations or potential risks before making a purchase.
Are NFTs a safe investment?
—Investing in NFTs carries risks, including the potential for loss of value or fraud. It is essential to conduct thorough research, understand the terms and conditions, and assess the market before making any investment decisions.
00:00NFTs raise legal issues similar to Uber and Theranos.
06:50On-chain, off-chain, and mundane innovation problems affect NFTs.
09:00Secondary buyers lack privity with NFT issuers.
11:20NBA Top Shots and Bored Ape NFTs show challenges with off-chain terms.
