Ownership and control in the creative economy: On new property rights for digital assets

This chapter explores the evolving legal context surrounding the ownership of digital assets, delving into the ramifications of legal frameworks such as property law, copyright, and data protection for the creative digital industry. We underline the importance of the nexus between ownership technology and legal reform, which will bear profound implications for the digital creative economy. Focusing on the recent consultation and recommendations by the Law Commission of England and Wales on this topic (2022-3), we suggest incremental legal adjustments as alternative strategies. We juxtapose this backdrop with a case study on non-fungible tokens (NFTs), which are envisioned as a "property layer" in the emerging Web3 Internet. The ascent of NFTs, evidenced by eye-catching transactions in the art world, underscores a paradigm shift in digital ownership. However, NFTs and decentralised technologies, while holding substantial promise, do not yet fully align with creatives' desired rights. In order to provide legal certainty, we emphasise the need for nuanced understanding and collaboration among legal scholars, computer scientists, and creative industry stakeholders in order to reimagine property rights in the digital sphere, shaping the future of digital assets and their place within the creative economy together.