Ownership of the World's Most Expensive NFT
Enter the realm of The Merge NFT, the ultimate sensation that broke records and set the NFT world ablaze! Merge was sold in an open edition, where buyers could purchase any number of tokens starting with a unit price of US$575, which increased by US$25 every six hours. By the end, the tokens sold for a total of US$91.8 million, making it the most expensive NFT in history. This extraordinary digital masterpiece didn’t just make waves for its mind-blowing price—it revolutionized the very concept of ownership.
Ownership Structure of the Merge NFT
Ownership of the Original Image
The artist who created The Merge NFT holds the initial ownership rights to the original image. They have the exclusive right to reproduce, modify, distribute, or display the artwork unless specified otherwise in the terms of sale or licensing agreement
Ownership of the Smart Contract
The smart contract that governs the creation, distribution, and transaction of The Merge NFT is typically owned by the artist or the platform on which the NFT is minted. The smart contract outlines the rules and conditions for the NFT, ensuring transparency and security in the ownership process
Ownership of the NFT Token
Once the original artwork is converted into an NFT, the ownership is transferred to the holder of the NFT token. The individual or entity who purchases the NFT gains ownership of the token and the rights associated with it, such as the ability to prove authenticity and trade the NFT
Ownership of the Marketplace
If The Merge NFT is bought or sold on a marketplace, the platform that facilitates the transaction typically holds ownership over the marketplace. While the ownership of the NFT itself may transfer to the buyer, the marketplace retains ownership and control over the infrastructure and technology used for the transaction
Disclaimer: Nothing in this website is intended to be nor should be constructed as legal advice. This is an educational project created by students. Please consult your lawyer for legal advice.