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Considerations Associated with Change: Risk Management: Many NFTs have high monetary value and given their exchange velocity (digital assets can be exchanged much more quickly than physical assets), there is opportunity forfraudulentactivity.Tominimizethisrisk,NFTplatforms should leverage KYC and AML procedures, as well as security best practices like two-factor authentication. Environmental Impact: Ethereum, one of the main NFT blockchains, uses a Proof of Work mechanism whereby it maintains a secure record of NFT transactions through a process called mining, which is energy intensive. However, there are other blockchains that use a Proof of Stake mechanism, which significantly reduces the amount of energy required and is a greener solution. Blockchains like Flow, Polygon, and Solana already use this, and Ethereum is working on developing a Proof of Stake model to support NFTs on the Ethereum blockchain. This is a particularly important consideration for businesses focused on sustainability. Licensing and T&Cs: It is important to be clear what rights are bestowed to owners of the NFTs, and whether these are the same or separate from the rights associated with the material object the NFT refers to. These terms are generally provided contractually in Terms and Conditions from the creator or the ecosystem operator’s platform rules. Brands with strong IP generally retain all the rights, allowing very limited rights for personal use, while newer crypto-native projects may provide owners greater commercial rights. Legal and Regulatory: Because NFTs are new, there is limited legal and regulatory clarity on how existing laws may apply. Laws that may be implicated include contract, property rights, intellectual property, sweepstakes/promotions, privacy, and securities laws. Furthermore, adding to the complexity, since blockchains operate across jurisdictions, transactions involving NFTs can implicate laws outside the United States. Lawmakers, regulators, and courts are still in the process of evaluating how to treat NFTs under existing laws, and whether new laws are needed to protect collectors, artists, and other participants in the NFT ecosystem. Accordingly, it is highly recommended that businesses consult an attorney that has the relevant subject matter expertise. Due to the regulatory uncertainty, there is risk in any transaction involving NFTs. Innovation, particularly in cutting edge areas, is not something that can be achieved on autopilot. NFTs are no exception, with a range of strategic considerations: Fees: There are several fees to consider when creating and purchasing NFTs. • BlockchainTransactionFees: When conducting transactions on blockchains, there is an associated transaction fee to compensate for the energy used to make changes to the blockchain. This means that there is a variable cost of creating or selling NFTs on the blockchain. “Proof of Work” blockchains like Ethereum have higher fees than “Proof of Stake” blockchains like Flow. • Marketplace Fees: Existing NFT marketplaces often charge a fee when sales or auctions occur on their platform, usually ranging between 1% to 5%. • Infrastructure Costs: Operating a proprietary marketplace rather than leveraging an existing marketplace can provide additional control over the assets, where the files are stored, and how they are consumed, but comes with additional costs. In addition to marketplace sale or auction fees and transaction costs, there are other infrastructure costs like payment acceptance and custody (if storing assets on behalf of consumers). All brand names and logos are the property of their respective owners, are used for identification purposes only, and do not imply product endorsement or affiliation with Visa. 13PDF Image | NFT Engaging Today’s Fans in Crypto and Commerce
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