Non-Fungible Tokens (NFTs): Legal Issues and Framework In Nigeria

Abstract

The applicability of the existing Nigerian laws to the NFTs ecosystem has for a while formed a subject of debate among observers and players in the business. Although relatively new, the NFT industry has proven to be one of the most rewarding of all digital assets in the tech space with millions of people pivoting into the space yearly. According to reports, over $41 billion in cryptocurrency was spent on NFT platforms and approximately $28.6 million wallets traded NFTs only in 2021. Thus, in furtherance of the function of law as a mechanism for establishing acceptable standards in all systems, the authors of this work have examined below, the legal issues and applicable framework of the NFT business in Nigeria. While there may have been many unregulated questions regarding the Nigerian NFTs ecosystem, the authors submitted below that, laws and regulations governing Intellectual Property, Data Privacy and Protection, Taxation, and Cybercrime, among others, can potentially regulate the affairs of those who deal in the NFT space.