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Rechtsanwalt Marian Härtel - ITMediaLaw

What are NFT? A small overview

7. November 2022
in Blockchain and web law
Reading Time: 1 min read
0 0
A A
0
non fungible token g81aadff6c 1280
Key Facts
  • The definition of NFT remains controversial and offers various interpretations.
  • Lawyers struggle with communication around NFTs and their legal status.
  • NFTs could be considered as unregulated bearer bonds.
  • Legal implications depend on the content of the tokens or smart contracts.
  • Blockchain-based NFTs can store a wide range of content, from graphics to proof of ownership.
  • Distributed ledger technology opens up new opportunities, but also poses challenges for lawyers.
  • There is virtually no current case law on NFTs, which complicates the legal situation.

What exactly NFTs (or digital assets) are is still a matter of considerable dispute among legal experts. And it sometimes seems as if not only is the particular legal issue in dispute, but it is also a problem in communication. Just as non-lawyers often equate “company” with “enterprise”, which is of course legally humbug, because the company is “the name of the merchant” (company name is therefore a special great construction 🙂 ), NFT are also often used differently.

Are NFTs now the content stored on a blockchain? Or the underlying smart contract? Or is it the small entry as such? Legally, this can make a very big difference. I once created a graphic some time ago that other blogposts will build on in the near future. Because to the respective legal quibbles one finds already much. But what are NFTs actually?

There is hardly a right or wrong here, because there is virtually no case law on the subject. However, the probably prevailing opinion sees NFTs as bearer bonds not yet regulated by law . NFTs are therefore actually “nothing”, only tokens with a corresponding storage volume of perhaps 3kB. Dhe NFT’s legal handling therefore depends significantly on it, WHAT exactly is stored in the token/smart contract.

 

NFT

 

As you can see, anything could theoretically be stored in NFT, from the familiar “smoking monkeys” to ownership of land. This is the strength in distributed ledger technology, but at the same time it will become the big challenge for lawyers.

Marian Härtel
Author: Marian Härtel

Marian Härtel ist Rechtsanwalt und Fachanwalt für IT-Recht mit einer über 25-jährigen Erfahrung als Unternehmer und Berater in den Bereichen Games, E-Sport, Blockchain, SaaS und Künstliche Intelligenz. Seine Beratungsschwerpunkte umfassen neben dem IT-Recht insbesondere das Urheberrecht, Medienrecht sowie Wettbewerbsrecht. Er betreut schwerpunktmäßig Start-ups, Agenturen und Influencer, die er in strategischen Fragen, komplexen Vertragsangelegenheiten sowie bei Investitionsprojekten begleitet. Dabei zeichnet sich seine Beratung durch einen interdisziplinären Ansatz aus, der juristische Expertise und langjährige unternehmerische Erfahrung miteinander verbindet. Ziel seiner Tätigkeit ist stets, Mandanten praxisorientierte Lösungen anzubieten und rechtlich fundierte Unterstützung bei der Umsetzung innovativer Geschäftsmodelle zu gewährleisten.

Tags: BlockchainBlogCase lawContractdigitalLegal questionSmart contractToken

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  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
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