I had an interesting discussion with Nick the other day in which he pointed out that all the NFT activity around trading and ownership has not been validated by US courts.
We’re all assuming that buying an NFT from someone on OpenSea and then receiving it in our wallets constitutes a legal commercial transaction and that ownership in the eyes of the law was with the original holder and then transferred to the purchaser along with the actual NFT.
I don’t believe any of this has been tried in court, or established on any precedent. I think we’re assuming that the same rules around traditional e-commerce and digital goods will apply to NFTs. They might, or they might not.
If this is the case, web3 evangelists/advocates should probably band together to make sure that if/when a case goes to court that may establish a precedent, that it is a good case that fairly represents the industry and state of play among good faith actors. It would be a shame for some scam NFT project to set some bad legal precedents that would ice the industry.
Should JournoDAO be a part of this legal battle? If so, in what way should we be involved? I’m hoping for a pretty robust discussion that yields a clear action item for one or more people to take.