Legal framework of non-fungible tokens – Legal repercussions & challenges ahead

Abstract

Non-fungible tokens (NFTs) are often regarded as the cryptocurrency of the future. The ownership and value of an original digital asset like a picture, video, or audio file may be established with the use of a digital asset called a Non-Fungible Token (NFT). Blockchain technology and smart contracts are used to issue them on these assets, creating one-of-a-kind digital signatures and guaranteeing their safety. As a result of their speculative nature, sudden price drops or rises, and susceptibility to cyber security attacks, they are very risky investments. NFTs aim to alleviate the burden of proof-of-ownership verification.