LÓPEZ RODRÍGUEZ, ANA MERCEDES
No
Rev. esp. derecho int.
Article
Científica
International
01/01/2022
2-s2.0-105009773739
NFT are overtaking blockchain and cryptocurrencies in popularity. These are owner ship certificates stored on a blockchain and backed by blockchain technology (for example, Ethereum). NFT are often associated with a digital asset, such as visual art, video, music, or collectibles. They seem to be called to play a key role in the so-called metaverse, a digi tal environment that operates on the blockchain, where technologies such as virtual rea lity and augmented reality act as providers of visual components, and that offer business opportunities and unlimited social interaction. Art is just a part of the blockchain-based virtual world where avatars, plots of land, buildings, names, etc., can be bought and sold as NFT. This phenomenon creates a number of interesting legal implications. The creation, distribution, ownership and trade of NFT are new phenomena that raise a multitude of legal questions, many of which are ambiguous or unresolved. In this context, the present paper analyzes international jurisdiction issues in disputes relating to non-fungible tokens, with special attention to European law. Recent case law from third States in the field of crypto assets is also assessed. © 2022 Asociación de Profesores.
Brussels I Regulation (Recast); international jurisdiction; metaverse; NFT