Non-interchangeable Tokens for Works of Art as a New Paradigm of Modern Society

Abstract

The subject of the research is the development of the market of non - interchangeable tokens for works of art, which has become a new paradigm in the global art market of the 21st century. The purpose of the work is to determine the place and role of non - interchangeable tokens for works of art in the life of modern society. It is shown that the world is experiencing a rapid development of the market for non-fungible tokens (NFT), which includes digital works of art created from digital materials and not linked to real assets, and tokenized non–digital works of art linked to real tangible products of artistic creation, conscious human activity with aesthetic value. The speculative nature of the NFT resale market has been established, which initially caused a “gold rush”, and subsequently its adjustment due to the accelerated production and supply of art objects in NFT, which led to a drop in prices. It is revealed that the development of the NFT market requires solving the problem of legal qualification of digital assets and inheritance in Russia, whereas abroad they are considered as proof of ownership of a digital asset. Despite the development of the financial sector in Russia in the digitalization of financial services, the domestic NET market has just begun to form, in particular the platform Kefirium.ru provides an opportunity to buy and sell NFT for rubles. Conclusions are drawn about the need for further development of digitalization of financial services, in particular the market of non-interchangeable tokens for works of art in Russia, the formation of competition between domestic platforms for the purchase and sale of NFTs for rubles, as well as the legal qualification of digital assets and their inheritance in Russia.