NFT DOKTRININIS-TEISINIS APIBRĖŽIMAS IR JO PROBLEMATIKA, SIETINA SU EUROPOS SĄJUNGOS KRIPTOTEISINIŲ SANTYKIŲ REGULIAVIMO MODELIU

Abstract

This article explores the content of the term Non-Fungible Tokens (NFTs) and the main features of this digital technology. The author explains the meaning of the concept of an NFT, distinguishes the key elements of the concept and gives a relative example of NFTs in order to clarify the principle of operation of NFT technology and the exclusivity of other types of crypto assets. This article also highlights the problems associated with the complex structure of the meaning of the concept of NFTS in the context of the object of law regulation. The peculiarities of NFTs as asset values and the relationship with other objects governed by private law, such as intellectual property, goods, services, securities, etc., are also revealed.

The second part of this article focuses on the analysis of the draft regulation of the European Union on Markets in Crypto-assets and amending Directive (EU)2019/1973 (MiCA). Article 3 of the draft in question is briefly discussed, which introduces the term ‘Crypto-assets’ and defines their types. Since the term ‘MiCA’ is not directly established in the project, it is analysed to which of the categories such a derivative could be classified according to the defined characteristics of the concept. The author also explains the problems that may become apparent due to the lack of a separate type of crypto asset, linking the latter with licensing, speculation, storage, and registration issues.