Non-fungible Tokens (NFTs) Rocking the Art World and Beyond

Friday, September 24, 2021

1:00 PM-3:00 PM

The Philadelphia Volunteer Lawyers for the Arts presents a one-hour webinar on the fascinating legal and practical issues raised by the recent proliferation of non-fungible tokes (NFTs). From the now famous sale by Beeple of his digital art collection for $69 million, to the “burnt” Banksy (or pseudo-Banksy) sale, to Tom Brady’s NFT platform (Autograph), it seems that everyone is getting involved in NFTs. But WTH is an NFT anyway?

That esteemed source Investopedia tells us that NFTs are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can be used as a medium for commercial transactions.

This program will unpack these concepts within the structures of intellectual property and tax laws. Our panel will explore the many legal issues surrounding what it is the people own when they acquire NFTs, what rights they have, what pitfalls they face. We will also explore the tax ramifications of buying an NFT with cryptocurrency and what the tax ramifications of NFT ownership and ultimate sale are.

Panelists

We are happy to have the following panel presenting this webinar:

• Ron Dreben | Morgan Lewis: Ron has been at Morgan Lewis in the trademark/copyright group for 33 years. He provides advice in connection with mergers, acquisitions, and licensing arrangements, as well as trademark, copyright, trade secret, and related IP law. Over the years, Ron has gravitated toward issues where IP and technology converge. Recently, he has spoken on artificial intelligence and copyright and published on NFTs and copyright.
• Jordan L. Fischer | Beckage: Jordan leads Beckage’s Global Privacy Team where she represents clients in cross-border data management, creating cost-effective and business-oriented approaches to cybersecurity, data privacy and technology compliance. Recognized as a Super Lawyers Rising Star – Technology Law, Jordan practices in many jurisdictions throughout the United States in both state and federal courts, as well as internationally in both Europe and Asia. In addition to her private practice, Jordan is a Lecturer in Cybersecurity at the University of California, Berkeley and Assistant Teaching Professor at the Thomas R. Kline School of Law.
• Ameya (“Arun”) Paradkar | Blank Rome: Arun concentrates his practice in intellectual property matters, with a particular focus on patent litigation and counseling in software and biotechnology. He has experience in authentication, encoding, rendering, database, blockchain, and artificial intelligence technologies, as well as in pharmaceuticals. Arun is experienced in prosecuting software, biotechnical, and electro-mechanical technologies before the USPTO and in the management of trade secrets and license agreements, while also litigating in those areas. Arun has presented on patent issues related to blockchain technologies at the USPTO and published on the patentability of artificial intelligence and blockchain
• Kirk Phillips, CPA, CMA, CFE, CBP | Global Crypto Advisors: Kirk is Managing Director of Global Crypto Advisors, a boutique crypto CPA firm. He is Author of the Ultimate Bitcoin Business Guide™, the AICPA Blockchain Fundamentals course, Lukka Library white papers and numerous other publications. He’s a member of the AICPA Virtual Currency Task Force, AICPA~ISACA Blockchain Risk Working Group and regularly speaks and educates CPAs and attorneys about the crypto and blockchain space.
• Fred Wilf | Wilftek: Fred practices intellectual property and technology law with his law firm, Wilftek, a small firm that has big firm experience. Since 1985, he has worked in law firms of all sizes, as well as an in-house counsel. Fred and his team works with clients on their business, technology and intellectual property issues in technology industries, including information technology and the online universe, chemicals, life sciences, electronics, and mechanical products. For several decades, Fred has worked as a volunteer with PVLA, and has planned and participated in many continuing legal education seminars.

Program Sponsors

Philadelphia Volunteer Lawyers for the Arts (PVLA) is a non-profit legal services organization that has served individual artists and arts & cultural organizations throughout the greater Philadelphia area since 1978 by providing attorney referrals for pro bono legal representation and counsel, as well as providing educational and advocacy services.

CLE Credit

2.0 hours of CLE credit in Pennsylvania, including 1.0 hour of ethics credit (Reciprocity in New Jersey and New York).

Registration Fees

• For attorneys seeking CLE Credit: $25
• *Non-CLE Attendees: Free

*While PVLA is happy to offer this program free of charge to any attendees not currently seeking CLE credit, we encourage attendees and audience members to make a charitable contribution to our organization to support ongoing educational and legal training programs such as this one. Please visit our website or mail a check to our offices to make a donation.

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