NFTS, Blockchain and Cryptocurrency: Legal Scenario Across the Globe

The emergence of a new technological era may be seen with the rampant visibility and broad but subtle acceptance of cryptocurrencies and blockchain technology. As a result, governments all over the globe are striving to understand and regulate these developments. Logically enough, the significance of appropriate legal solutions and services assumes huge importance at this juncture. Non-fungible tokens (“NFTs”), like cryptocurrencies, are based on blockchain and serve as proof of ownership for digital assets. Anything, ranging from an image of a painting or a GIF to a trading card or a piece of virtual real estate, falls well-within the realm of possibility for NFTs. There are numerous potential applications for cryptocurrencies in the metaverse, yet their success will resemble that of NFTs, in that it will depend on the degree to which virtual worlds evolve in a decentralized and open-source approach. Legal frameworks encouraging the worldwide usage and acceptance of cryptocurrency and blockchain technology have been established in several jurisdictions, such as Australia, Singapore, Japan, and Switzerland. However, India has not yet enacted any specific law that would regulate these emerging areas. The purpose of this doctrinal research is to explore NFT in relation to cryptocurrencies, blockchains, and related intellectual property concerns. The ultimate object of this piece of comparative study is to advance new knowledge and spread awareness about legal hazards. Depending on the motivations of various parties (or stakeholders involved) and the nature of the transaction, NFTs may be valued in myriad ways, due to their ability to facilitate decentralized consensus, streamline and verify transactions, and open whole new marketplaces and related avenues.