Non-Fungible Tokens And Property Law: The Legal Enigma Instilled By The Neoteric Property
- IJLLR Journal
- Apr 7, 2023
- 1 min read
Rishab Taori, West Bengal National University of Juridical Sciences (WBNUJS)
INTRODUCTION
Non-fungible Tokens (NFTs) have taken the digital world by storm, dominating headlines with reports of sky-high monetary investments by individuals hoping to be first movers in the digital landscape, similar to the market interest previously created by cryptocurrencies.
Blockchain technology, a system of distributed, decentralised public ledgers, lies at the heart of both of these digital revolutions. The advent of NFTs has raised fundamentally new concerns, particularly those concerning the transfer of property.
NFTs, or Non-Fungible Tokens, are digital assets that represent ownership of a unique item, such as artwork, music, or even tweets. They use blockchain technology to verify ownership and authenticity, making it possible for the digital asset to be bought, sold, and traded like physical assets.
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