May 28, 2022

Volume XII, Number 148

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Non-Fungible Tokens: The Law in India

Everywhere you look, you seem to find NFTs – from Bollywood to cricket to indie art. Talk is also rife in tech circles about the ‘metaverse’, a new type of digitally native universe, of which NFTs are a crucial part.

NFTs are essentially unique blockchain tokens, which could represent anything in the digital or physical realm. As of today, digitally native NFTs, like those representing digital art and game items, are the most prominent and successful. What makes them different from traditional digital files? Every NFT is unique (like a signed poster), its title is publicly verifiable on public blockchains like Ethereum, and smart contracts enable the creator to automatically earn royalties on secondary sales. Public blockchains like Ethereum require crypto-assets like Ether to power transactions. This means NFTs are created and transferred on decentralized networks, rather than on traditional media.

The legal analysis of NFTs hence throws up a vast variety of issues across domains. These include foreign exchange controls, intellectual property, securities, contract, consumer protection, and, of course, tax. Globally, jurisdictions are still in the process of defining the legal treatment of NFTs.

In this webinar, we will look to walk you through our interpretations of existing Indian laws in their application to NFTs. We will also discuss the industry trends we are coming across.

Who should attend: Creators, marketing teams, legal counsels, tax advisors, CEOs & CFOs of media houses.

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