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2 CLIFFORD CHANCE NON-FUNGIBLE TOKENS: THE GLOBAL LEGAL IMPACT NON-FUNGIBLE TOKENS: THE GLOBAL LEGAL IMPACT The market for non-fungible tokens (NFTs), or cryptoassets representing proof of title to a unique digital version of an underlying asset, has soared. In the sports and digital arts sectors, recent NFT issuances have sold out in seconds, netting their creators millions. Subject to limitations in any relevant jurisdiction, NFTs have the potential to facilitate new revenue streams by establishing new forms of digital property, act as new channels for businesses and digital creators to reach customers, fans, and audiences and/or enable the monetisation of physical assets. While NFT issuance is growing rapidly globally, the legal and regulatory treatment of NFTs continues to evolve. We have been advising clients on NFTs in various jurisdictions. In this briefing, we share our experience to demystify NFTs and consider some of the key risks, and how the tokens are regulated across some key financial centres. NBA Top Shot The National Basketball Association's (NBA) Top Shot, is a blockchain-based online platform hosted by Dapper Labs for basketball fans to purchase and trade highlights of NBA sporting history (or "Moments") through NFTs intended to act as virtual trading cards. Moments are minted (i.e. created) on the underlying blockchain platform, but are graphically displayed as digital cubes containing the video highlight in the online marketplace. What are NFTs? An NFT is a digital asset whose uniqueness and ownership can be demonstrated and verified using distributed ledger technology (DLT). NFTs can be used to create a tokenised proof of title to a unique digital version of an underlying digital asset (such as images, videos or other digital content) or physical asset (such as paintings, sculptures or other tangible assets). When someone “mints” an NFT, they create a unique digital version of the work as a data file using blockchain, or another type of DLT. Once minted, NFTs cannot be edited or deleted, and can be viewed publicly and freely traded with verifiable security of exclusive ownership and transaction traceability. An NFT issuance may consist of a single NFT, or may involve thousands or millions of tokens. Each NFT is unique. In contrast, most other cryptoassets, are fungible, i.e. each token is interchangeable with and indistinguishable from another Some NFTs incorporate smart contracts which specify and automate certain rights and obligations of the buyer and seller, for example, to provide that the NFT creator receives a percentage of the transaction proceeds every time the NFT is sold on. NFTs have gained traction to date in the digital space but also have the potential to digitise unique physical assets, such as physical artwork, in theory allowing these assets to be bought, sold and traded more efficiently. In principle, all physical assets could be tokenised either as fungible or non-fungible tokens. Many businesses have successfully tokenised a range of assets including iconic images, athletic highlights, entertainment and sports memorabilia, event tickets, music albums, artwork, famous Tweets, internet memes, gaming and e-sports digital content, unique sportswear and other collectibles using NFTs. How do NFTs generate revenue? NFTs can enable the efficient commercialisation of unique assets that are otherwise difficult to sell or prove ownership of, as well as the creation of entirely new digital product lines and revenue streams. As with many other digital assets, some NFTs offer the ability to "fractionalise" ownership of the underlying asset, i.e. to split ownership so that each purchaser of an NFT benefits from the underlying asset in proportion to the fraction they own, which can enable new ownership structures that proponents assert havePDF Image | NON-FUNGIBLE TOKENS GLOBAL LEGAL IMPACT
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