Legal Implications and Regulatory Pathways of NFT Transactions
Non-fungible tokens(NFTs),as emerging digital assets based on blockchain technology,have rapidly attracted significant attention from both markets and investors since their inception.Despite the substantial scale of the NFT market,there are still numerous disputes and uncertainties regarding their legal definition and regulatory frameworks governing their transactions.Legislators and scholars worldwide have yet to reach a consensus on two fundamental questions:What exactly are NFTs?How should they be regulated?In this context,a clear and precise legal definition of NFTs is crucial for standardizing market behavior,protecting the legal rights of all parties involved in transactions,and mitigating potential legal risks.Moreover,establishing sound regulatory pathways is essential for fostering the healthy development of the NFT market,stimulating market vitality,and promoting technological innovation and broader application scenarios.This paper aims to address these core issues by adopting a demand-oriented approach,focusing on qualitative research of legislation,policies,and cases to define what NFTs are and what rights are transferred through transactions.Additionally,this paper employs a quantitative analysis of industry reports and key indices to explore how NFT transactions should be regulated.The research process involves classifying mainstream international legal perspectives on NFTs and analyzing their applicability in different legal systems through specific case studies.Furthermore,the paper provides legislative recommendations for NFTs and digital collectibles tailored to the Chinese context.Key innovative conclusions drawn from this study,compared to previous literature,include the following.Firstly,NFTs have the potential for diverse legal characterizations,encompassing digital property,digital identity,and decentralized financial products.Secondly,NFT transactions should aim to maximize the transfer of rights between buyers and sellers,rather than being limited to license transfers.Thirdly,platforms play an intermediary role in NFT transactions and are the primary entities responsible for consumer protection.Lastly,while Chinese digital collectibles and NFTs share common characteristics such as traceability,uniqueness,and collectible value,they differ in blockchain technology usage,transaction currencies,and liquidity.Web 3.0 represents a clear trend towards decentralization in the development of the next generation of the Internet.As NFTs are poised to become a significant component of future online interactions,more proactive regulatory research and risk assessment are necessary.China's future policies and legislation should emphasize three main points.Firstly,legislation should allow for diverse interpretations of the legal attributes of NFTs and provide flexibility for future functional developments.This means recognizing NFTs'potential as digital property,digital identity,and financial products,each with different regulatory needs.Secondly,regulatory frameworks should ensure that NFT transactions maximize the transfer of rights between parties,avoiding the pitfalls of mere license transfers or limited streaming rights.By doing so,the legislation would provide a more robust legal foundation that supports both market growth and consumer protection.Lastly,there should be a concerted effort to strengthen platform liability mechanisms.Platforms should be designated as the primary responsible parties in ensuring consumer protection,thereby enhancing the effectiveness of these protections in practice.Platforms must implement clear service terms,safeguard against fraud,and ensure transparency in their operations.Overall,the strategic focus should be on fostering an environment that promotes innovation while safeguarding the interests of all stakeholders involved in NFT transactions.This balance will be crucial in leveraging the full potential of NFTs,driving economic growth,and positioning China as a leader in the global digital economy.
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