The (Inscrutable?) Appeal of Non-Fungible Tokens, between Market Dynamics and Digital Property Rights
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Abstract
The article hinges on the debate that characterizes the adoption of Non-Fungible-Tokens (Nft), among those who acknowledge their potential, thus highlighting the complex technological phenomenon, the related infrastructure and the objectives that they promise to reach in the different contexts; and those who, differently, valorize the (apparent) irrationality of the economic values achieved by some Nfts to point out the financial speculation that typifies these tokens, considered no more than promising complements for monetizing blockchain technology and the cryptocurrencies. From this perspective, the article critically scrutinizes the real potential of these technologies, underlining the different scenarios in which Nfts are profitably gaining recognition. The analysis then focuses on the complex interface between law and new technologies, and between traditional legal institutions with technologies that are difficult to be properly regulated relying on the disciplines in force in the different legal orders.
Keywords
- Non-Fungible Tokens
- Web3
- Markets and digital platforms
- Property rights
- IPRs
- Blockchain
- Crypto-coins