NFTs: Paving the Way to the Digital Future?
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Abstract
NFTs have been among the most shattering trends in technology of 2021, especially in the cosmos of art, and as such, deserve the sustained attention of legal academia. A scientific discussion on the benefits and legal challenges that this achievement involves requires a deeper understanding of the underlying technology. This article aims to lay the groundwork for further examinations by addressing both sides, the technical definition of NFTs as well as their relevance under the current EU legal framework. The findings of the analysis suggest that there is a lack of applicable regulation, which could pose an obstacle to the use of NFTs, thereby impeding its potential to essentially increase the fluidity and transparency of commerce in general and art trade in specific
Keywords
- NFTs
- Crypto-Assets
- Tokens
- DLT
- Blockchain
- Art
- Trade
- Financial Regulation
- MiFID II
- Securities
- Property
- Ownership
- Digitalization
