In an effort to reduce its energy usage, the Ethereum blockchain is scheduled to upgrade to Proof of Stake, or ‘Merge’ tomorrow. Some former miners under Proof of Work are expected to continue to support the old version, creating a fork in the blockchain. This calls into question how NFT licenses are to be recognized. Does the owner get a license on each chain or just one?
This is especially important as NFTs are now a major application of the Ethereum blockchain, and the money involved can be significant. The minimum price of a Bored Ape Yacht Club NFT is well over $100,000. Given some NFTs also come with the commercial right to sub-license, the question is, which NFT continues to have that right?
A report from law firm DLA Piper highlighted the need to delve into the licenses.
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