NFT and the economics of digital scarcity: legal and economic perspectives

Abstract

This chapter explores the legal and economic dimensions of Non-Fungible Tokens as instruments of digital scarcity. It examines their technical architecture, legal qualification, and evolving regulatory approaches in the European Union and the United States through a comparative perspective. By contrasting derivative and specific forms of regulation, the analysis highlights the challenges of integrating Non-Fungible Tokens into existing legal frameworks. The chapter concludes by emphasising the need for regulatory frameworks that provide legal certainty while preserving the innovative potential of blockchain technologies, highlighting how the controlled creation of digital scarcity can redefine value and trust in the digital environment. Keywords: NFT, digital scarcity, digital assets, value, comparative law, EU Regulation, US Regulation.