The Legal Perspective of NFTs
I- INTRODUCTION
Technological advancements are rapidly transforming our lives, and legal systems, always striving to adapt to these changes, are significantly impacted by developments in the field of technology.
II- BLOCKCHAIN TECHNOLOGY
2.1. Concept of Web 3.0 and its Relationship with Blockchain Technology
Web 3.0 promises decentralized connections among users, with blockchain technologies forming the foundation of this process. Blockchain serves as a distributed, shared, and encrypted information repository. Platforms like Ethereum expand the use cases of blockchain by offering features such as smart contracts.
III- NFT (NON-FUNGIBLE TOKEN) CONCEPT
NFTs are defined as unique tokens developed on the Ethereum blockchain. Unlike other cryptocurrencies, NFTs cannot be interchangeable and represent unique assets. These characteristics are particularly utilized in securing digital art.
3.1. Intellectual Property Aspect and Transfer of Rights
NFTs can transparently document the ownership of digital works on the blockchain. However, uncertainties arise regarding the transfer of intellectual property rights. According to the Copyright and Related Rights Law, the transfer of economic rights is subject to written form.
3.2. Resolution of Disputes and Jurisdictional Issues
The decentralized nature of blockchain may pose challenges in resolving disputes related to NFTs. Uncertainties about the enforcement of court decisions and conflicts between different legal systems can complicate the resolution process.
3.3. Taxation Issue
There is currently no clear regulation regarding the taxation of income derived from the sale of NFTs. This creates uncertainties in the taxation process and challenges in determining appropriate taxation methods.
IV- CONCLUSION
NFTs can be effective tools in documenting the originality of digital works. However, several legal issues and uncertainties arise. Establishing a legal framework tailored to these new technologies is crucial for resolving these issues.
