Non-Fungible Tokens As A Way To Protect Global Intellectual Property

Abstract

Blockchain technology is increasingly being recognized worldwide as a cornerstone of security and stability in the digital realm. The Internet, often viewed as a seemingly chaotic, unpredictable, and insecure environment, is experiencing a significant paradigm shift thanks to disruptive innovations such as blockchains, which provide a robust mechanism to ensure the integrity of the global information flow. While the original purpose of this technology was to facilitate cryptocurrencies, its applications have since broadened, permeating law, business, and more recently, sectors like art and gaming. In this context, Non-Fungible Tokens (NFTs) are on the cusp of becoming a mainstream asset class. These unique digital assets, intricately tied to Intellectual Property, present an unexplored avenue for legal and business applications. Thispaper assesses the potential uses of NFTs for to protect global IP. The study further suggests an analogous interpretation of existing norms that regulate the connection with NFTs and local regulations, thus laying the groundwork for an initial self-regulatory framework. Inconclusion, NFTs are poised to revolutionize IP protection globally. However, from a legal perspective, it also representsthe necessity to develop a regulated self-regulatory system to frame such technology. As part of future research,we propose the creation of legal standards to accept and introduce NFTs as part of the IP protection laws.