Kernochan Symposium 2021: NFTs: Future or Fad?
Non-Fungible Tokens (NFTs) are a point of confusion and controversy in the contemporary art world. Beeple's NFT “Everydays – The First 5000 Days” sold for $69 million at Christie's this March, but many people struggle even to define the term. Lawyers, creators and investors are navigating smart contracts, negotiating additional terms and wondering what the future holds. The Kernochan Center Symposium, "NFTs: Future or Fad?" served as a guide to this growing, creative, and potentially lucrative, market, and discussed what role copyright can play in protecting these assets. Our first panel provided an overview of NFTs and looked at how current IP law is meeting - and being challenged by - this new avenue of commerce. We also discussed whether NFTs have the staying power to propel long-term legal change. The symposium's second half focused on the visual arts and discussed the unique issues NFTs pose for artists and their attorneys. Please join us as we explore the legal complexities of NFTs.
9:00-9:15 Welcome remarks
9:15- 9:45 Keynote – Introduction to NFTs
Stuart D. Levi, Skadden, Arps, Slate, Meagher & Flom LLP
9:45 – 11:00 Session I: The Intersection of NFTs and Copyright
Brian Frye, Spears-Gilbert Associate Professor of Law, Rosenberg College of Law, University of Kentucky
Andres Guadamuz, Senior Lecturer in Intellectual Property Law (Law), School of Law, Politics and Sociology, University of Sussex
Sean Sullivan, Davis Wright Tremaine
Adrian Perry, Covington & Burling LLP
11:15-11:45 Keynote - NFTs and the Art Market
Kevin McCoy, Associate Professor of Art and Art Education, NYU
11:45-1:00 Session II – NFTs and the Art Market
Megan Noh, Pryor Cashman LLP
Sarah Odenkirk, Cowan, DeBaets, Abrahams & Sheppard LLP
Yayoi Shionoiri, Executive Director for the Chris Burden Estate and the Nancy Rubins Studio
Readings
NFTs & the Death of Art — Brian Frye
From the Artist’s Contract to the Blockchain Ledger: New Forms of Artists’ Funding Using NFTs, Fractional Equity, and Resale Royalties — Lauren van Haaften-Schick, Amy Whitaker
What NFTs Mean for Contemporary Art — Seth Price, Michelle Kuo
How Are NFTs Changing the Art World? — Paulina Okunytė
NFTs: Legal Risks from “Minting” Art and Collectibles on Blockchain — Quinn Emanuel Urquhart & Sullivan, LLP
Why Did Someone Pay $560,000 for a Picture of My Column? — Kevin Roose
NFTs and the Definition of Art — Shinobi
The Need for Insurance Options to Protect NFT Owners — Richard Giller
NFTs: Key U.S. Legal Considerations for an Emerging Asset Class — An P. Doan, Mark W. Rasmussen, Courtney Lyons Snyder, Joshua B. Sterling, D. Grayson Yeargin
Are Nonfungible Tokens Securities? — Joseph Hall