The ‘world’ of NFTs (Non-Fungible Tokens) is booming. But not so much because of any particular artistic added value—NFTs do not present any specificity that could derogate from the basic regulatory principles of copyright. Rather, because they have become a new form of investment, in which tokens are transformed into a kind of atypical ‘security’, the object of a new (and unregulated) market. The increasing simplicity of the technical means by which an NFT can be created and then placed on the blockchain allows an ever-widening array of ‘investors’ to access this new market: from simple collectors, to authors of ‘digital art’ seeking notoriety, to charities seeking funds. Unfortunately, the NFT market, precisely because of its substantial anonymity and the requirement that price be paid in cryptocurrencies, also facilitates money laundering operations. While in the first case the blockchain is used by people and for legitimate and proper purposes, in the second case NFTs turn into a vehicle for illegal transactions that current criminal legislation is not yet apt to effectively counter.

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NFTs: Copyright Profiles—and Beyond

  • Giovanni Cavani,
  • Gustavo Ghidini

摘要

The ‘world’ of NFTs (Non-Fungible Tokens) is booming. But not so much because of any particular artistic added value—NFTs do not present any specificity that could derogate from the basic regulatory principles of copyright. Rather, because they have become a new form of investment, in which tokens are transformed into a kind of atypical ‘security’, the object of a new (and unregulated) market. The increasing simplicity of the technical means by which an NFT can be created and then placed on the blockchain allows an ever-widening array of ‘investors’ to access this new market: from simple collectors, to authors of ‘digital art’ seeking notoriety, to charities seeking funds. Unfortunately, the NFT market, precisely because of its substantial anonymity and the requirement that price be paid in cryptocurrencies, also facilitates money laundering operations. While in the first case the blockchain is used by people and for legitimate and proper purposes, in the second case NFTs turn into a vehicle for illegal transactions that current criminal legislation is not yet apt to effectively counter.