NFT to protect Digital Art

Abstract

Emergence of non-fungible tokens (NFTs) has led to considerable changes in the creative industries markets associated with the emergence of fundamentally new opportunities for the transfer and protection of intellectual property rights. The explosive growth of the NFT market has led to close attention of both regulators and market participants to the problems of legal regulation of the turnover of these digital assets. The lack of a legal definition gives rise to problems related to the delimitation of NFTs from other digital assets named in the legislation. This article examines the legal nature of NFTs, distinguishes them from securities, digital rights, digital financial assets, digital currencies and utilitarian digital rights. The author analyses the draft law on NFT and draws conclusions about the prospects for legal regulation with special emphasis on the legal problems of acquiring NFTs. Based on the study, the author concludes that it is possible to classify NFT as "other property" and that it is necessary to develop a special legal regime.