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2 results

  • Governing the large language model commons: using digital assets to endow intellectual property rights

  • Christos A. Makridis, Joshua D. Ammons
  • Journal:
    Journal of Institutional Economics / Volume 21 / 2025
    Published online by Cambridge University Press:
    15 May 2025, e19
    • Article
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  • The emergence of large language models (LLMs) has made it increasingly difficult to protect and enforce intellectual property (IP) rights in a digital landscape where content can be easily accessed and utilized without clear authorization. First, we explain why LLMs make it uniquely difficult to protect and enforce IP, creating a ‘tragedy of the commons.’ Second, drawing on theories of polycentric governance, we argue that non-fungible tokens (NFTs) could be effective tools for addressing the complexities of digital IP rights. Third, we provide an illustrative case study that shows how NFTs can facilitate dispute resolution of IP on the blockchain.

  • 7 - Non-Investment Finance in an NFT World

  • from Part III - Capital Markets, Community, and Marketing
  • Edited by Nizan Geslevich Packin, Baruch College (City University of New York)
  • Book:
    The Cambridge Handbook of Law and Policy for NFTs
    Published online:
    02 November 2024
    Print publication:
    17 October 2024, pp 139-160

  • Summary

    "Recent years have witnessed the rise of non-fungible tokens (NFTs) as vehicles for non-investment finance, including in nonprofit and political fundraising. As with other financial sectors in which NFTs have a role, the use of NFTs in financing nonprofits and political campaigns and committees has revealed gaps and ambiguities in existing legal regulatory systems. Appetite exists to evolve legal frameworks to complete and clarify applicable bodies of law and regulation.