NON-FUNGIBLE TOKENS AN ARGUMENT FOR THE OWNERSHIP OF DIGITAL PROPERTY?

Abstract

The paper examines the concept of ownership and its potential application to digital assets, particularly Non-Fungible Tokens (“NFTs”). Technological advancements which allow the creation, storage, and sale of unique digital assets in a purely digital manner have raised many questions about the concept of ‘digital ownership’. However, the legal frameworks regulating the ownership, sale, and legal classification of digital assets have not evolved at the same paceas technology. This leads to legal uncertainty in the digital landscape, and weakened protection for the users of this technology, particularly in the European Union (“EU”). Although the concept of digital property has been discussed theoretically, practical recommendations for the implementation of this concept are still scarce. This paper discusses the concept of digital property after providing a contextual understanding of NFTs and the technology behind them. Finally, the author offersrecommendations for a harmonised EU-level framework for the legal classification of NFTs, and for the concept of digital property.