Law firm Veat - Due diligence on a joint business agreement related to NFT issuance and sales.

Law firm Veat reviewed the NFT joint business agreement containing the content of issuing and selling NFTs for A, a blockchain company’s, request.

A, a blockchain company, in order to conclude the NFT joint business agreement for a virtual idol group in which B, a company specializing in artificial intelligence technology, holds all rights, requested Law firm Veat to review the related NFT joint business agreement.

In response, Law firm Veat thoroughly reviewed the joint business agreement related to the issuance and sale of the NFTs, from the client’s perspective, and clarified the costs needed for revenue settlement, which was vaguely defined, and the scope of revenue. Furthermore, B, a company specializing in artificial intelligence technology, stated and guaranteed that it possessed all rights pertaining to the virtual idol group in this joint business agreement, and drafted it to stipulate that, upon the expiration of this joint business agreement, all rights regarding NFTs that had not been sold would be held by A.

Because joint business agreements can arise as disputes due to various issues as businesses begin and proceed, it is necessary to thoroughly discuss the division of roles and revenue settlements, and clearly define them in documents such as joint business agreements. Also, due to the uncertain nature of virtual asset businesses, such as NFTs, blockchains, and bitcoins, it is recommended to proceed with contracts through experts who have broad understanding and abundant business experience regarding virtual assets.

If you need a legal review of the NFT joint business agreement, please feel free to contact Law firm Veat at any time.

Thank you.
Law firm Veat