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Non-Fungible Tokens (NFTs) have introduced novel mechanisms to authenticate and trade digital art, fostering a vibrantand dynamic marketplace by leveraging blockchaintechnology. However, the rise of NFTs has also prompted a host of legaland ethical considerations that necessitate careful scrutiny. This research paper provides an in-depth exploration of Non-Fungible Tokens (NFTs) as an emerging form of intellectual property that is transforming the digital art landscape.The paperbegins by elucidating the principles behind NFTs and their significance to digital art, elucidating how these tokens redefinetraditional notions of ownership. It scrutinizes the role of blockchain technology in protecting digital art and the distinctiveadvantages it provides, such as transparency and immutability.The paper then delves into the critical legal implications,particularly focusing on copyright issues and the evolving regulatory environment, highlighting the dichotomy between theownership of NFTs and the copyright of the underlying digital artwork. It conducts a comparative legislative analysis ofIndia, the USA, and the UK, indicating the urgent need for regulatory frameworks that can navigate the global anddecentralized nature of NFT transactions.The paper engages with ethical concerns, including environmental impact, economic inequality, and artist attribution,underscoring the necessity for balancing innovation with responsibility.Finally, it provides recommendations for regulatoryapproaches and discusses future implications, emphasizing the need for clarity, balance, and international cooperation inlegislation, alongside the importance of continuous dialogue and research. This paper lays the groundwork for furtherinvestigations into the fast-evolving world of NFTs and their wider societal impacts.
Mishra et al. (Wed,) studied this question.
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