After 2022, the hype of NFTs and virtual worlds has slowed down; it is time to reflect thoroughly how Intellectual Property interacts with the NFTs and blockchain technology. In this context, particular attention should be paid to the protection of digital art, of entertainment and of fashion brands in the framework of Metaverse. This analysis outlines risks and opportunities generated by the exploitation of IP matters in the virtual environment, which requires a the preliminary exercise to define what is intended for NFTs and their role in the circulation and trading of copyright works. Information transparency is critical as far as it concerns the legal relationship between an NFT and the copyright in the digital content, where the transaction normally concerns a license or a certificate, but not the ownership or the assignment of copyright. The risk for the NFT purchaser can also be amplified by the volatility of cryptocurrencies, that are normally used in NFT transactions. Moreover, national fragmentation adds uncertainty to the actual legal enforceability of smart contracts. Technologies can and must help to build up a transparent market where transactions are legally correct and safe, starting with metadata and content identification tools that are reliable, shared and interoperable. Transparency and interoperability are indispensable to pave the way for the mass use of blockchain and the acceptance of the Metaverse beyond the dimension of sophisticated videogames.