Non-fungible tokens, or NFTs, are sold with a promise of “ownership,” but new research suggests many creators and buyers are not yet sure what this means. The review by Blockchain Investment Company Galaxy Digital found only one out of 25 most valuable NFT projects has even attempted to grant buyers direct intellectual property rights over underlying artwork, with several offering unclear or vague licenses, despite recent efforts to clarify the space.

Galaxys report focused on aiming to improve the licensing for NFTs. This could help NFT fans looking to license their purchases or create fanworks based on them. But the current state of play does not suggest that these are an excellent way of managing IP rights — not without much extra legwork.