The sale of non-fungible tokens (NFTs) has exploded during the COVID-19 pandemic and is dominating the news lately, but are there any legal issues surrounding the phenomenon? Artists, collectors, investors, and businesses have all been scrambling to capitalise on the potential of NFTs and fully understand how the market works. With NFT sales now running into billions, the market faces issues such as copyright, intellectual property rights, anti-money laundering regulations and estate planning. In February, Her Majesty’s Revenue and Customs said three people had been arrested on suspicion of attempting to defraud it of £1.4 million, making it the first …
What are the legal issues around NFTs?
The sale of non-fungible tokens (NFTs) has exploded during the COVID-19 pandemic and is dominating the news lately, but are there any legal issues surrounding the phenomenon? Artists, collectors, investors, and businesses have all been scrambling to capitalise on the potential of NFTs and fully understand how the market works. With NFT sales now running into billions, the market faces issues such as copyright, intellectual property rights, anti-money laundering regulations and estate planning. In February, Her Majesty’s Revenue and Customs said three people had been arrested on suspicion of attempting to defraud it of £1.4 million, making it the first …