NFT: Tokenization of Intellectual Property and Its Transfer

An Analysis Based on the UNIDROIT Principles on Digital Assets and Private Law

Abstract

ABSTRACT: Blockchain applications are steadily becoming a reality for a relatively big group of markets, particularly Art and collectors’ markets, all thanks to the development of Non-fungible Tokens (NFTs). However, their legal nature is still extremely blurry, which causes legal uncertainty slowing the pace and width with which this new technology is adopted. The paper aims at studying the new soft law rules provided by the UNIDROIT Principles on Digital Assets and Private law, considering the existing consensus on what is and how works an NFT. The goal is to clarify which path has been followed up to this point on this regard, what limitations may arise and exposing the general unfitness of the current framework to generate a frictionless speedy market for NFT transactions.