Legal Issues With NFTs: Would a Fractionalized Mona Lisa Be a Security?

November 5, 2021by Laura Shin

At Non-Fungible Castle 2021, an NFT exhibition in Prague, four NFT experts discuss the legal implications of NFTs. Guests include Jonathan Victor, product/business development at Protocol Labs; Louis Baudoin, advisor at Monax; Diana Stern, product counsel at Stripe; and Shant Marootian COO at Fractional.art. Show highlights:

• what users are receiving with the purchase of an NFT
• how the terms of service for different NFT marketplaces change NFT rights
• how on-chain storage and off-chain storage affects NFT ownership
• what rights do creators need to mint an NFT
• what recourse creators have if someone mints their art as an NFT and profits from it
• whether NFT marketplaces should respect NFT royalty standards on resales
• how NFT marketplaces could make it easier for creators to clarify licensing and royalty standards
• whether NFTs should be regulated under existing laws and what gaps in regulation need to be filled
• when an NFT should be considered a security
• how different jurisdictions may work together to regulate NFTs
• why money laundering is a problem for NFTs
• how a DAO could go about owning an NFT or IP
• what would happen to NFTs and DAOs if Ethereum were to suffer a hard fork again
• why DAOs should stay compliant with traditional regulations
• how to improve licensing and industry standards for NFTs
• whether NFTs should be considered as financial objects
• what would happen if a museum fractionalized the Mona Lisa

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Episode Links:

Non-Fungible Castle 2021

Jonathan Victor

Louis Baudoin

Diana Stern

Shant Marootian