Within the last year, NFTs have grown from an experimental technology used by a niche community of artists and collectors to an innovative and disruptive distribution, marketing platform utilized by leading brands, celebrities, and studios. While many of the recently announced NFT collections/projects by entertainment studios center around new storylines, characters, and intellectual property (“IP”), an even greater number of NFT projects are being developed around preexisting IP, subject to previously negotiated licensing and assignment agreements. Inevitably, challenges will arise in determining whether a particular screenwriter, actor, producer, composer, musician, or studio has the right to launch NFTs around legacy IP subject to preexisting license agreements that were drafted years, and even decades, before NFTs existed.