Les Non Fungible Tokens (NFTs) ont une importance grandissante dans des secteurs qui sont concernés par le droit d'auteur, comme l'art, les jeux ou les métavers. Ce domaine du droit est donc particulièrement impacté par ce nouveau phénomène. Cet article tente de répondre aux principales questions qui se posent dans ce contexte, comme la protection de l'auteur en cas de création d'un NFT ou le transfert de droits patrimoniaux lors du transfert d'un NFT.
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 Non Fungible Tokens (NFTs) gewinnen in Bereichen, die vom Urheberrecht betroffen sind, zunehmend an Bedeutung, etwa in der Kunst, bei Spielen oder im Metaversum. Dieses Rechtsgebiet ist daher besonders stark von diesem neuen Phänomen betroffen. Der vorliegende Artikel versucht, die wichtigsten Fragen zu beantworten, die sich in diesem Zusammenhang stellen, wie beispielsweise der Schutz des Urhebers oder der Urheberin bei der Schaffung eines NFT oder die Übertragung von Vermögensrechten bei der Übertragung eines NFT.
Non-fungible tokens (NFTs) are digital assets that provide unique ownership and authenticity of digital media such as art, music, and collectibles.NFT Marketplace is a blockchain-based platform that enables the creation, trading, and collecting of NFTs.The platform leverages blockchain technology to ensure the authenticity and ownership of NFTs, providing a secure and transparent way to transact digital assets.In this major project report, we explore the NFT Marketplace and its underlying blockchain technology.We provide an overview of the platform's features, including the ability to tokenize any digital asset, create customizable smart contracts, and sell NFTs with low fees and instant trades.We also discuss the advantages and disadvantages of the platform, including its ease of use, potential for fraud, and scalability challenges.The Non-Fungible Tokens (NFTs) have revolutionized the digital realm, redefining the concept of ownership and trade of unique digital assets.NFTs represent one-of-a-kind tokens, each verifiably and indelibly linked to a specific digital or physical asset, encompassing diverse forms of content, including video, audio, and images.These unique tokens have paved the way for creators to monetize their digital creations while providing collectors with an innovative means to invest, trade, and showcase their multimedia NFT collections.Central to the NFT ecosystem are NFT marketplaces, digital platforms designed to facilitate the creation, sale, and management of NFTs in various multimedia formats.These marketplaces have proliferated, providing creators with the means to mint NFTs, buyers with the opportunity to acquire them, and collectors with platforms to curate and trade their diverse NFT portfolios.We explore the multifaceted world of NFT marketplaces, focusing on their pivotal role in the creation, sale, and management of video, audio, and image NFTs.We analyze the economic implications, including pricing strategies and royalties, while addressing environmental sustainability concerns associated with NFTs.Challenges and opportunities encountered within this dynamic ecosystem are critically examined, including scalability, intellectual property rights, and the emergence of decentralized NFT marketplaces.Through in-depth case studies, we offer insights into the unique features and innovative approaches adopted by leading NFT marketplaces, shedding light on the transformative potential of this digital metaverse.This report serves as a valuable resource for those seeking a comprehensive understanding of NFT marketplaces catering to video, audio, and image NFTs, emphasizing the profound impact these tokens have on the creation, trade, and experience of digital content across various media formats.Navigating this dynamic digital frontier necessitates a nuanced perspective, and our survey aims to provide a holistic view of this rapidly evolving landscape.
Alicia Cork, Adam Joinson, Laura G. E. Smith, David A. Ellis · 5 authors
Non-fungible tokens (NFTs) allow individuals to demonstrate ownership of digital and physical assets. NFTs are scarce, unique, and authentic; three properties known to be key for determining perceived value. Whilst previous research has primarily focused on NFTs as a source of economic value, here we assess the psychological motivations of collectors of digital fashion NFTs. Specifically, NTFs related to digital fashion are particularly relevant to HCI researchers as they sit at the intersection between business, culture, and self-expression. Here, we survey 19 users of a digital avatar fashion company, Genies, to understand the gratifications users derive from collecting digital NFT fashion. Results demonstrate that the primary motivations for collecting fashion NFTs are self-expression and utility and that motivations associated with value are secondary. We make design recommendations based on these results, indicating that developers should distinguish between expression-based motivations and value-based motivations.
The explosive growth of non-fungible tokens (NFTs) on Web3 has created a new frontier for digital art and collectibles, but also an emerging space for fraudulent activities. This study provides an in-depth analysis of NFT rug pulls, which are fraudulent schemes aimed at stealing investors' funds. Using data from 758 rug pulls across 10 NFT marketplaces, we examine the structural and behavioral properties of these schemes, identify the characteristics and motivations of rug-pullers, and classify NFT projects into groups based on creators' association with their accounts. Our findings reveal that repeated rug pulls account for a significant proportion of the rise in NFT-related cryptocurrency crimes, with one NFT collection attempting 37 rug pulls within three months. Additionally, we identify the largest group of creators influencing the majority of rug pulls, and demonstrate the connection between rug-pullers of different NFT projects through the use of the same wallets to store and move money. Our study contributes to the understanding of NFT market risks and provides insights for designing preventative strategies to mitigate future losses.
Blockchain is a revolutionary technology and will have great effects on our business in the future. NFT denotes Non-Fungible Token which can be considered as digital form of a real-world object. These objects can be art, music, in-game items, and videos. These are traded online, generally with different types of currencies, basically cryptocurrencies. Non-fungible tokens which are traded through aNon-Fungible Token marketplace, are different from fungible tokens that are bought or sold on multiple centralized or decentralized platforms. Each Non-Fungible Token has a digital signature of it which makes it impossible for them to be exchanged for another Non-Fungible Token over the internet. Each has its own value which is determined by various factors like meta data, creator, features, and many more. The majority of Non-Fungible Tokens in the present times are digital, and creators could improvise here in the future and will make more creative things for the users ahead. It is very clear that blockchain technology and Non-Fungible Tokens can offer the perfect opportunity for artists and content creators to obtain a reputation for their works and also financial support.
The main function of the initial coin offering (ICO) whitepaper is to eliminate the impact of information mismatch between investment and financing parties. Based on signaling theory, this study analyzes the factors that affect the success of ICOs. To analyze the impact of the disclosure of whitepapers on successful ICO fundraising, the whitepaper information is classified into four directions: fundraising characteristics, project characteristics, human capital, and social capital. At the same time, supplement the ICO project information regarding each cryptocurrency with public information on their official website and social media, ensuring the timeliness and integrity of the analyzed data. Analyze the impact of disclosure on the success of an ICO by constructing a logistic regression model. Due to the two extremes of regulation for cryptocurrency in different countries, either their registration is forbidden or the absence of regulation, resulting in the lack of uniform standards for the information disclosed in the whitepaper, and it is difficult to distinguish between true and false. Low-quality information disclosure has little impact on the successful financing of ICOs and has limited reference value to cryptocurrency investors and investors alike.
Cryptocurrencies and tourism have gained traction worldwide in the last few years. However, no research has been conducted to understand the relationship between the two. This paper examines the impact of the volatility spillover effects (VSE) of cryptocurrencies on the tourism sector in India. Using monthly time-series data (from August 2015 to January 2021) of the selected cryptocurrencies and foreign tourist arrivals (FTA) and foreign exchange earnings (FEE) from foreign tourism, we assess the volatility (short and long-term) impacts of cryptocurrencies on tourism (through changes in the monthly number of FTAs in India and FEEs of India through foreign tourism). The study applies Multivariate GARCH models (BEKK-GARCH and mGJR-GARCH). The findings suggest that there is an existence of volatility connections between cryptocurrencies and foreign tourism in India. These findings have noticeable implications for policymakers to understand the importance of cryptocurrency and blockchain for tourism sector policies in India.
A digital transformation is being undergone by the music industry, with key drivers of change such as streaming services and blockchain technology emerging. The potential of web3 and blockchain technology to disrupt the traditional music industry business model and create new opportunities for artists and creators is examined in this study. A case study of a web3-based music player and marketplace that allows audio content to be shared and monetized in the form of non-fungible tokens (NFTs) is presented. The potential of NFTs to revolutionize the way music is distributed, consumed, and valued is explored through analysis of the platform’s features and user feedback. The findings suggest that artists can be empowered and given greater control over their creative works, while also providing consumers with a more immersive and personalized listening experience through web3 and blockchain technology. The growing body of research on the intersection of music and blockchain is contributed to by this study, and has implications for the future of the music industry.
Jean-Marc Seigneur, Suzana Mesquita de Borba Maranhao Moreno
Non-Fungible Tokens (NFT) have gained popularity since 2021, reaching a total market valuation of several billion US dollars, especially in art. This paper highlights the findings of our statistically representative survey of more than 1850 Americans, e.g., 5.7% have already bought an NFT. Unfortunately, that trust has been misplaced on many occasions due to technical and legal issues of most created NFTs. We detail those issues and evaluate them in the case of the most well-known NFT marketplace, i.e., OpenSea.
Blockchain is a new, emerging, and pioneering technology under which the society has evolved from the existing Web 2.0 to the innovative Web 3.0. Blockchain paves the way to a decentralized system diverging from the current centralized system. One such captivating phenomenon in the Blockchain would be that of NFTs. NFTs are non-fungible tokens; they are a form of digital art and could be anything from pictures, music, videos, or games. NFTs could be considered the real-world equivalent of indispensable assets like gold, silver, stocks, or bonds. They are unique and have predominant characteristics that make them invaluable to their collectors, admirers or even creators allowing them to be a great source of investment and trading. This great potential in acquiring a large capital is what makes the establishment of a platform that could be used by both creators and consumers for doing dealings in NFTs exceedingly compelling. This paper puts forth a way to develop an NFT marketplace i.e., a decentralized application(dApps) for the trade of NFTs. For this cutting-edge application, some key and fundamental concepts such as smart contracts, wallets, token standards and a lot more are explored. A system design has been proposed that highlights all the essential features like minting, listing, buying, and selling of NFTs. A precise analysis of the benefits and limitations associated with NFTs, and their marketplaces is done. Benefits being immutability, security and tokenization and the limitations being gas fees, legal issues, and environmental concerns, to properly determine the feasibility and value of developing such an application.
The traditional art market suffers from systemic market failures resulting in inefficiencies. There is no universal system or database to keep track of provenance information. The lack of provenance results in authentication issues, raising risk within the market. Additionally, the physical form of traditional art presents numerous problems including theft and transaction costs. Copyright and trademark laws attempt to address these market failures through regulation and enforcement mechanisms. However, these legal mechanisms are inefficient tools to regulate the art market because they rely on voluntary record keeping and retroactive enforcement through the judicial system. In contrast, blockchain technology, as an efficient regulatory and enforcement system, solves the art market problems that the law cannot fix. This innovative technology can solve the complex legal problems that the art market faces daily. Blockchains are immutable ledgers that store impeccable provenance information. Several blockchains have a native form of artwork—non-fungible tokens (NFTs)—that work seamlessly with the technology. NFTs take the physical aspect out of art, allowing art to exist digitally on the blockchain, where they cannot be damaged, stolen, or forged. Blockchain technology presents a novel solution to the physicality, authenticity, and provenance problems in the art market.
S Sarumathi, Altaf Raja, Alok Kumar, Aman Yadav · 5 authors
With the advancement of technology around the globe lead to a rise of technology called Blockchain and amazing technology that completely eradicates the centralized network. Blockchain Technology has got its applications from finance, gaming, supply-chian etc. One of Applications of this amazing technology are NFT’s(Non Fungible Token’s) That act as a digital assets in the world of Blockchain. NFT’s can be any form of data from art, music to video etc. The interest of NFT’s have been growing in every field of various industries like fashion, gaming, etc. Non-fungible tokens (NFTs) are transferrable rights to digital assets, such as art, in-game items, collectables, or music. The phenomenon and its markets have grown significantly since early 2021.The information about the NFT’s are stored onto the blockchain Where each information is kept encrypted and prevented from attack as its impossible to alter the data in the blockchian. This cutting-edge technology continues to grow and capture the attention of the masses as more applications of NFT’s are identified with time. The System proposed in this paper allows consumers to transfer encrypted content and write it to NFT’s. Various consumers can approach the content of NFT’s by mentioning their purchase or endorsement. Confidential information is licensed for a period of time, after which the information is appropriately deleted.
In the NFT (non-fungible token) market, collectors are trading works of art with the same awareness as investing in cryptocurrency. In the closed and centralized art scene of the past, it was difficult for artists to make a profit, but the introduction of NFTs has dramatically evolved the art scene. In order to observe such dynamic changes and compare them with the past art scene, the author believed that a first-person research approach was essential. Through creative activities, the author conducted participant observation to identify issues. While marketing activities by artists were not necessary in the existing art market, it became clear that marketing activities by artists on social media are essential in the NFT art market. In communication capitalism, a hierarchy is formed by an economic logic that prioritizes quantity over quality, and this theory also applies to the NFT art market. However, not only selfish investment activities aimed at profit, but also altruistic support activities for artists exist, which stimulate their motivation for creation. Although the value of works changes in the unstable virtual economy, the transparency and high degree of freedom of the NFT market, where artists can directly connect with art fans, contain new possibilities despite some problems.
Hafiz Aliyev, Ahmet Faruk Aysan, Umar Nawaz Kayani
This article discusses the impact of new financial technologies, such as Non-Fungible Tokens (NFTs) on traditional industries such as art, sports, and game, while focusing on the recently formed "Metaverse" market. As a component of the overall blockchain ecosystem, the history of the establishment of NFT is analyzed. The impact of Web3 and intelligent contracts on Fintech are also investigated. This study examines the general trends in the NFTs market, including their price formation, price-influencing factors, and available patterns. Then the paper provides classifications and examples of NTFs. Besides, the technological application and primary technical path are also described. Later, the paper assesses the market's and marketplaces' accessibility. Finally, this study evaluates the management applications of NFTs and analyzes existing platforms, and demonstrates how they can be implemented effectively in various settings. The concluding portion discusses technological obstacles. The study concludes with a discussion of potential applications for the results and prospects for future research.
Wash trading is considered a highly inopportune and illegal behavior in regulated markets. Instead, it is practiced in unregulated markets, such as cryptocurrency or NFT (Non-Fungible Tokens) markets. Regarding the latter, in the past many researchers have been interested in this phenomenon from an “ex-ante” perspective, aiming to identify and classify wash trading activities before or at the exact time they happen. In this paper, we want to investigate the phenomenon of wash trading in the NFT market from a completely different perspective, namely “ex-post”. Our ultimate goal is to analyze wash trading activities in the past to understand whether the game is worth the candle, i.e., whether these illicit activities actually lead to a significant profit for their perpetrators. To the best of our knowledge, this is the first paper in the literature that attempts to answer this question in a “structured” way. The efforts to answer this question have enabled us to make some additional contributions to the literature in this research area. They are: (i) a framework to support future “ex-post” analyses of the NFT wash trading phenomenon; (ii) a new dataset on wash trading transactions involving NFTs that can support further future investigations of this phenomenon; (iii) a set of insights of the NFT wash trading phenomenon extracted at the end of an experimental campaign.
The principal research question addressed by this paper is about how and why blockchain based digital technologies and the metaverse ought to be viewed as inclusive innovations. It is stated that Non-Fungible Tokens (NFTs) crafted from Ethereum blockchains enable upcoming and established artists to prove their credentials and ownership over their works and reach their products to a wider community of buyers both in the real world as well as in the Metaverse. All the same, NFT auction platforms by innovatively fractionating digital versions of artwork and auctioning the fractions to a large community of small buyers, ensure that marginalized sections of buyers of arts works get ownership over quality art works. Given the nascent nature of the innovation, the paper adopts a conceptual approach to understand the implications of NFTs and metaverse in democratizing art institutions through the mechanism of distributed economic systems which are inclusive, authentic and empowering.
In this study, we explore factors that affect the value of non-fungible tokens (NFTs). NFTs have been expected to play an important role in the future digital environment because they are made of blockchain technology that can prove ownership of digital assets. In this study, we focus on the value determinants of a representative project of profile picture NFTs among the most actively traded collectible NFTs, that is Bored Apes Yacht Club (BAYC). In order to do this, we first collected attribute information and trading history data of BAYC. Next, we proposed a metric that can measure the value of NFTs at any point in time. We also identified the attributes of NFTs that can affect their values in both quantitative and qualitative aspects. For each case, we construct a semi-log regression model based on the hedonic pricing model to understand the explanatory power of each, which attributes of BAYC NFTs are relatively influential, and which attribute values have a positive impact on NFT valuation. We finally proposed an integrated model which is composed of both qualitative and quantitative factors as well as an interaction effect. In terms of the adjusted coefficient of determination value, the model showed an explanatory power close to 70% to explain the valuation of BAYC NFT.
<title>Abstract</title> In recent years, interest in Non Fungible Tokens (NFTs) has soared and the NFT market has experienced significant growth. Built upon blockchain technology, the tokens represent a unique offering, a rarity, due to its attributes of immutability, trust, transparency, auditability and anonymity. These unique tokens are highly appealing and sought after by investors and traders, since ownership rights, provenance and authenticity are publicly available. As a result, NFTs can be applied in a wide range of contexts and sectors. One such sector is in the digital art market, where sales of NFTs skyrocketed during 2021, thereby generating a multibillion dollar ecosystem. However, due to the fast-changing evolution of NFTs, the increase in demand for the tokens, high returns and lack of regulation, fraud has become commonplace and many security issues have arisen in the ecosystem. In this paper, we explore some of these security issues. Furthermore, by investigating Interplanetary File System (IPFS) and hashing techniques, namely cryptographic and perceptual image hashing, in more detail, proof of concept (PoC) models were built to aid in the identification and combat of NFT fraud.
With the growing popularity of Non-Fungible Tokens (NFT), a new type of digital assets, various fraudulent activities have appeared in NFT markets. Among them, wash trading has become one of the most common frauds in NFT markets, which attempts to mislead investors by creating fake trading volumes. Due to the sophisticated patterns of wash trading, only a subset of them can be detected by automatic algorithms, and manual inspection is usually required. We propose NFTDisk, a novel visualization for investors to identify wash trading activities in NFT markets, where two linked visualization modules are presented: a radial visualization module with a disk metaphor to overview NFT transactions and a flow-based visualization module to reveal detailed NFT flows at multiple levels. We conduct two case studies and an in-depth user interview with 14 NFT investors to evaluate NFTDisk. The results demonstrate its effectiveness in exploring wash trading activities in NFT markets.
The vast possibilities of the internet age bring an attraction for artists. As a matter of fact, reports of artist revenue have lowered the potential of music platforms. Streams that are difficult to comprehend, cultural structures inside lack reliable data, inadequate for the digital era, aspects of the music business and a drop in the majority of artists' wages. In this paper, A Non-Fungible Tokens (NFT) in Music Industry using Blockchain Technology are proposed to protect the music copyrights and get revenue rights from untrusted holders. In this model, the Musicians may effortlessly approve and maintain their music rights on a public ledger with the help of the blockchain with no middlemen or any other intermediate business companies.
Ahmed Dawod Mohammed Dawod, Lkhagvadorj Munkhdalai, Kwang Ho Park, Keun Ho Ryu · 5 authors
Non-Fungible Tokens (NFTs) are digital assets based on a blockchain and those are characterized as unique cryptographic tokens and non-interchangeable. To date, research into the NFT marketplace has been relatively limited. As it is an emerging platform with many unique elements, The NFT market has been impacted due to recent fluctuations in crypto-asset markets more broadly. This current bear market cycle has shed light on concerns around the value of NFTs, profit-based motivation, and environmental sustainability. However, periods of volatility and cyclicality are to be expected with any nascent technology as it develops a product-market fit. consequently, the appraisal of real-price for NFT collections is essential for individual financial security and investment making. In this study, we evaluate the machine learning algorithms to appraise their real-price based on NFT item's characteristics, market event information, and their rarity score data acquired by retrieved from the biggest marketplace OpenSea. Furthermore, the procedures were applied to meet the objectives of this study we built prediction models based on various machine-learning algorithms ranging from Random Forest, XGBoost, SVM, Lasso, ElasticNet, Ridge, Linear Polynomial Regression, TabNet, CatBoost, and LightGBM models. From the results, LightGBM regression model outperformed the other by RMSE around 0.905. The best R2 is only found in this model, which has a value of 0.917.
Promoters of art-oriented non-fungible tokens (NFTs) and online NFT auction houses like Foundation, OpenSea, and SuperRare claim to be “revolutionizing” and “democratizing” the worlds of art and art collecting by deploying blockchain technology to track sales and purchases and thereby eliminating the threats of transactional opacity and fraud that have long plagued art markets. This article complicates such claims by arguing that with NFTs, the usual clamoring for authenticity in art becomes so abstract that only code remains, as the aesthetic object becomes effectively indistinct from the account of its provenance and transaction history. An NFT, like a financial derivative, has no necessary or representational relationship with any actual underlying object. The artwork associated with the token is, rather, prised apart from its existence as property and finds its use not in being seen or felt, but in the truth of its copyability. Looking beyond the NFTs themselves, this article interrogates the discourses promulgating this trend. Comment threads in Reddit and Discord groups, for example, do much to channel the libidinal energy elicited by an artwork, while the digital token itself generates an acquisitive enthusiasm wholly apart from the sensation of seeing or hearing the associated work. Despite fronting radical social change, NFTs ultimately reinforce traditional forms of property and ownership, exhibit reactionary aesthetic and cultural values, and anticipate increasingly authoritarian modes of social control. Taking a wider view, I consider ours an age of post-information, wherein, contrary to Bateson’s classic definition of information in terms of a doubled difference, we find data-based artifacts like NFTs (following cryptocurrency) to be increasingly productive of widespread social and political indifference, a perpetuation of sameness, and an augmentation of the narcissistic ego. In this case: data as the afterlife of art.
Ilan Alon, Vanessa Pilla Galetti Bretas, Villi Katrih
This article aims to broaden the understanding of the non-fungible tokens (NFTs) pricing determinants by investigating features, both market- and network-related aspects. NFTs are uniquely identifiable digital assets stored on the blockchain. Ownership is assigned through smart contracts and can be transferred or resold by the owner. The authors analyzed a comprehensive dataset from Signex.io with over 19,183 datapoints on NFT prices and NFT social communities using automated machine learning (AML), a suitable technique to investigate the most impactful factors due to a lack of knowledge on the exact determinants. Findings show that network factors are the most important pricing determinants: Twitter members followed by Discord members. Online communities drive the price of NFTs, but not in a linear fashion. Given the newness of the phenomenon and no agreed upon pricing models, this article contributes by using AML to discover the most relevant determinants of non-fungible tokens (NFT) prices.
Non-fungible tokens (NFTs) can certify the authenticity and scarcity of digital assets on the blockchain. There is an urgent need to identify impact attributes from various potential factors and further evaluate NFT collectibles. Nevertheless, the task is challenging due to the massive amount of heterogeneous and multi-modal data (e.g., social media text, numerical transaction data, and images) in NFT transactions. To this end, we present an interactive visual analytics system, NFTeller, that provides a dual-centric perspective analysis of NFT transactions. The system i) summarizes the temporal evolution and correlation of transaction patterns and dynamic impact attributes of NFT collection projects; ii) presents an augmented chord diagram with a radial stacked bar chart for exploring the co-collected projects and co-occurring whale accounts. We derive in-depth insights from case studies on a real data set to evaluate the systems’ effectiveness and usability.