Utilitarian Non-Replaceable Tokens in the Russian Law Enforcement: Problems of Legalisation

Abstract

The rise of distributed ledger technology and the growth of the crypto-economy has led to the evolution of non fungible tokens from digital image rights authentication to utility solutions that allow consumers to benefit from the possession of rights in the community. The legal analysis of utilitarian non-fungible tokens leads to the need to apply the provisions of the law on utilitarian digital rights to tokenisation services. However, possessing the features of digital rights, utilitarian NFTs cannot always be the object of investment, which requires the exclusion of such tokens from the scope of regulation of the law on crowdfunding.