Art, Tech & NFT

Art-Tech

MUNG values the arts and entertainment industries, recognizing their societal importance. Historically, art has redefined human lives and challenged technology to enhance artistic inspiration. Today, art is integrated into technology, evident in social media platforms filled with images.

Street art by artists like Binski and movies have pushed technology to improve animation and CGI. Films such as Avatar and Toy Story have set high standards, driving the art-tech cycle forward. MUNG understands the need to protect both technology IP and art IP.

MUNG's Commitment:

Protecting Art that Challenges Tech and Tech that Inspires the Arts.
Offering expertise in copyright, trademark, patent, and business matters for painters, musicians, and graphic designers.
Creating tailored and affordable packages for clients.

NFT

As the digital era progresses, the popularity of non-fungible tokens (NFTs) has surged. Recently, over $208 million worth of NFT-based artwork was sold, compared to $250 million in all of 2020. Creators are using NFTs to monetize digital works, like the Kings of Leon releasing their album as a limited edition NFT with lifetime concert tickets.

Artists like Beeple have seen incredible sales, with an NFT collage selling for $69 million. NFTs are based on blockchain technology, which provides a permanent, unchangeable ledger for transactions, ensuring the provenance and security of digital assets.

Benefits of NFTs:

Unique identification codes and metadata distinguish each NFT.
Smart contracts control the transfer of digital assets, providing benefits like automatic royalty payments and ownership proof.
NFTs allow creators to control the value and conditions of their digital works, creating new distribution channels.

Before NFTs, creators struggled to monetize digital works due to easy replication and distribution. NFTs enable the creation of unique, finite tokenized versions of digital works, ensuring scarcity and preventing counterfeiting. This allows creators to set prices and limit replicas, increasing value in both initial and resale markets.

Art Law

MUNG's specialist art law practice was the first of its kind in Hong Kong, with a presence in almost every aspect of the art market, including Art Basel Hong Kong. Our clients include international collectors, artists, dealers, art institutions, foundations, museums, galleries, governments, and auction houses.

We understand that collecting art and artifacts can be a lifetime passion, but owning, managing, and creating art brings obligations such as reputation, legacy, cultural heritage protection, and financial planning. Art and antiques transcend national boundaries, provoking political debate and attracting media attention, relying on trust and discretion.

MUNG's Art Law Services:

Non-contentious work: international transactions, creation of art funds, art investment structures, anti-money laundering advice.
Contentious work: defective title, provenance, authenticity, attribution, reputation, criminal and fraudulent aspects of art.
Specialist services include the sale, purchase, loan, consignment, financing of art, copyright and cultural heritage protection.

Our team has an extensive international network of art world contacts and a close association with other specialist art lawyers worldwide. Our history of successes in high-profile, politically sensitive matters reflects our ability to act swiftly and discreetly.

Expertise Includes:

Dispute resolution in cases of defective title, provenance, authenticity, and attribution.
Art-related aspects of estate, wills, trusts, and tax issues.
Creation, management, and dissolution of art funds and investment structures.
Advising on criminal and fraud aspects of art, including fakes, forgeries, money laundering, and art theft.
Advising on cultural heritage property claims, including spoliation and restitution.
Exploitation and protection of copyright and intellectual property rights, including Droit de Suite (artists’ resale rights).
Art import, export, and movement.
Art insurance.
Art sale, purchase, loan, and consignment.
Advice on auction law, including third-party claims and auctioneers' responsibilities.
Art lending.
Art and trust structures.