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Legal Concerns Around NFT?

With Eye-Popping Auctions, News Outlets Are Jumping on the NFT Gravy Train  | Vanity Fair

With all the news surrounding many different crypto markets already this year, it certainly looks to be one of the most popular spaces this year – with big names starting to accept crypto and investing into it as a core part of their business, it’s certainly an exciting space. It has already been used heavily through many different online services too, particularly now with the likes of betting here at The newest market to find its way in the space enters through the Ethereum blockchain, it comes in the form of the NFT, and it has changed very quickly in a small period of time. 

The first exposure of NFT’s has largely been used as a digital wallet for digital artwork, the biggest pieces have already been sold for millions and it seems there’s little slowing the market as news continues to roll in around the next big opportunity that has been found for many too. But there have been some concerns raised around whether or not success can be found for NFT – the biggest concern is around the environmental impact it holds but many feels this is being used as a bit of a scapegoat to somewhat slow the market – whilst there have been some things published explaining the impact on the environment, there’s yet to be any proof of just how big the impact is, if any. But there have been other concerns, mainly raised around legal concerns with the sale of digital pieces in this way.

Since the inception of the NFT, experts have warned that there will always be concerns around copyright and digital ownership, after all the big selling point of the NFT is to have original ownership rights over a digital piece, but given these same pieces can be duplicated and copied so easily it’s not at all similar to a physical painting that may truly be one of a kind, and it is something that is being used to determine where the small drop had come from a week or two ago. As things move forward for the NFT space, this will likely continue to be a space that’s monitored a little more and will likely be an area that requires a lot of regulation in order to succeed to provide safety for both the sellers to prevent risk of scams and the like, and for buyers for the same reasons too. 

Many will also be waiting to see where the space evolves too as well, whilst the start is in the digital collector’s space there are plenty of new opportunities possible on the blockchain given the flexibility as a whole, with such big money in the space too there will be growing interest in expanding quickly, so it won’t be all that surprising to see things moving much quicker now, but to also see how different reactions could continue to evolve the NFT space.