Legal Nature of NFTed Artwork: a Comparative Study

Tokenisation in blockchain opens multiple new possibilities for businesses and individuals. Non-fungible tokens (NFTs) are widely adopted by the token owner. While NFTs look promising in many respects in trading artworks on digital platforms, legal risks must be addressed to capture the benefits of NFTs. In this chapter, we undertake a comparative study that offers insight into whether the convergence of law applies to legal issues of global relevance in a digital environment. Furthermore, this chapter studies the most recent court decisions concerning property and intellectual property issues. We conclude that there has been an increasing level of convergence of law towards a harmonised concept of digital assets in a world built on blockchain and tokens. The legal systems have advanced closer towards a concept of property with many shared features. NFTed artworks are considered incorporeal assets that confer quasi-property rights and interests. The jurist must take an evolutionary leap forward to adapt the mechanisms and techniques of law to emerging digital technologies that change the societal ecosystem.