An NFT is a digital asset that represents real-world objects like art, music, in-game

items and videos. They are bought and sold online, frequently with cryptocurrency,
and they are generally encoded with the same underlying software as many cryptos. 1
NFT authenticates the uniqueness of digital assets through a series of unique data
stored in the blockchain, and through this, digital assets such as movies, sound sources,
images, game items, and artworks can have rarity.
. NFTs have grown exponentially in 2021; this phenomenal growth has led to
traditional auction houses being receptive to digital art NFTs. On March 11, 2021,
‘Everydays: The First 5000 Days’, an NFT artwork of the prominent digital artist
Beeple, sold at Christie’s for over $69 million.5 Jack Dorsey (CEO of Twitter) raised
an astounding $2.9 million for charity by auctioning his first tweet as an NFT.6 All
these sales demonstrate the adoption of NFTs by the mainstream community. The
highly volatile NFT prices and sudden popularity led many people to create NFTs and
in turn, promote and sell them for a profit. The most significant impact of NFTs has
been on how they transformed the art world [8,15]. NFTs have allowed artists to sell
their art outside the gate-keeping systems and taste-hierarchies [8].
unlike a painting, which may be exhibited in a buyer's home, an NFT is more equivalent to a piece of
paper saying that you own 23 something, digital artwork, or a movie. Occasionally, a strange-looking
cat will appear (Kastrenakes, 2021)2
In the digital world, the transactions of assets with intrinsic value can be applied to
games, literature, art, and music by issuing NFTs (Non-Fungible Tokens) based on
Blockchain; various NFT exchanges are emerging accordingly just like real world
asset exchanges. However, there could be an issue of copyright infringement in those
NFT transactions. for those issues.
Previously, copyright issues occurred in NFT transactions may happen during the
process of converting digital contents to NFT and uploading it; that is the stage of
minting and selling. In general, the stage of minting, the NFT exchange should verify
who has the right to the content. And in the rest of the cases, copyright issues that may
occur in the type of exchange that trades NFTs are as follows.3

1
https://www.forbes.com/advisor/investing/nft-non-fungible-token/
2

https://www.researchgate.net/profile/Doaa-Abdou-2/publication/356633630_PROSPECTS_OF_INVESTMENT_IN_D
IGITAL_ART_CASE_OF_ETHEREUM_AND_NON-FUNGIBLE_TOKEN_NFT/links/61ba0fcaa6251b553abdffaa/
PROSPECTS-OF-INVESTMENT-IN-DIGITAL-ART-CASE-OF-ETHEREUM-AND-NON-FUNGIBLE-TOKEN-NFT.pdf
3
https://www.koreascience.or.kr/article/JAKO202102455505208.pdf