Non-fungible tokens (NFTs), as a rapidly emerging phenomenon in the digital world, have significant impacts across various fields, particularly in art. These tokens are built on blockchain technology, which enables the creation and recording of transactions within a decentralized and distributed framework. NFTs allow artists to digitally present their works uniquely while ensuring ownership rights. However, despite these advantages, NFTs have also introduced important legal challenges, especially concerning intellectual property rights, that require thorough examination. This article has been compiled to analyze these challenges and provide suitable solutions in the context of Iranian law. In this regard, the concept and function of tokens have been explained first, during which an attempt is made to evaluate the challenging aspects of tokens from a legal point of view, including their nature and validity. Then their legal advantages and disadvantages are examined with an emphasis on intellectual property rights. The conducted studies show that the token is legally valid, and its use can bring many benefits. Also, using a combination of legal and technological solutions can mitigate the challenges posed by NFTs and help realize their potential benefits. Therefore, it can be said that the use of NFTs creates new horizons in digital art in the contemporary world.
Vakili Moghadam,M. H. (2024). The Nature of Non-Fungible Tokens (NFTs) and its Legal Challenges With an Emphasis on the Aspects of Intellectual Property Rights. Research and development in private law, 1(1), 520-544. doi: 10.22034/jpl.2024.718565
MLA
Vakili Moghadam,M. H. . "The Nature of Non-Fungible Tokens (NFTs) and its Legal Challenges With an Emphasis on the Aspects of Intellectual Property Rights", Research and development in private law, 1, 1, 2024, 520-544. doi: 10.22034/jpl.2024.718565
HARVARD
Vakili Moghadam M. H. (2024). 'The Nature of Non-Fungible Tokens (NFTs) and its Legal Challenges With an Emphasis on the Aspects of Intellectual Property Rights', Research and development in private law, 1(1), pp. 520-544. doi: 10.22034/jpl.2024.718565
CHICAGO
M. H. Vakili Moghadam, "The Nature of Non-Fungible Tokens (NFTs) and its Legal Challenges With an Emphasis on the Aspects of Intellectual Property Rights," Research and development in private law, 1 1 (2024): 520-544, doi: 10.22034/jpl.2024.718565
VANCOUVER
Vakili Moghadam M. H. The Nature of Non-Fungible Tokens (NFTs) and its Legal Challenges With an Emphasis on the Aspects of Intellectual Property Rights. Research and development in private law, 2024; 1(1): 520-544. doi: 10.22034/jpl.2024.718565