Is NFT Ownership or Usage Rights? Web3 and Copyright Series 2: In the expanding virtual asset market of NFT and metaverse -- are NFT buyers really the owners of content? Now that the boundaries of ownership and copyright are blurring, what standards should law and market have? In an era when generative AI writes, draws, and creates video, content is overflowing but copyright is becoming increasingly vague. NFT ownership reality: most NFT purchases transfer ownership of a unique token on a blockchain but NOT transfer copyright in the underlying creative work; buying a BAYC NFT gives you the right to use that specific image for commercial purposes (an unusual license in the NFT world) but not copyright in the art style; buying most music NFTs gives you collectible ownership of a digital item but not the right to use the music commercially; this disconnect between what buyers believe they own and what they legally own creates significant confusion. The usage rights versus copyright distinction: copyright gives the right to reproduce, modify, and distribute a work; usage rights give permission to use a work in specified ways; NFTs typically transfer usage rights with various limitations, not copyright ownership; the legal ambiguity is compounded by the lack of standardized NFT licensing terms.