Study On Legality Of Issue Non-Fungible Tokens

Non-Fungible Tokens(NFTs)are rights credentials on the blockchain used to tag specific digital content.With its characteristics of scarcity,indivisibility and irreplaceability based on blockchain technology,the non-fungible token industry has been rapidly expanding globally since 2021,with the related application scenarios rapidly expanding from art and music to games and e-government.In China,with the gradual maturity of blockchain technology and the country’s advocacy of the digital economy,more and more market players are participating in the issuance of non-fungible token.However,due to the unclear boundary between legal and illegal issuance of non-fungible token in China at this stage,issuers of non-fungible token can only conduct "tentative issuance",and some issuers,represented by Tencent,have even chosen to withdraw from the industry,hindering the development of the industry.This paper first briefly introduces the concept,development,characteristics and classification of non-fungible token and the issuance of non-fungible token,thus leading to the issue of the legality of non-fungible token issuance and explaining the significance of the study.Next,the current legislation and exploration in China are discussed,analysed and evaluated.Finally,specific and feasible legislative proposals for the issuance of non-fungible token circulars in China are proposed according to the logic of issuing subjects,issuing conditions and issuing responsibilities.In terms of the legality of the subject of non-fungible token issuance,different entry conditions should be established according to different issuing subjects;in terms of the legality of the conditions of non-fungible token issuance,it is necessary to review the copyright of non-fungible token issuance from the physical and procedural aspects,control the number of non-fungible token issuance,and establish a reasonable pricing range for non-fungible token issuance;for infringement and crimes arising from the issuance of non-fungible token,the issuer at fault The issuer and the issuing platform of the non-fungible token should be held liable for infringement and crimes arising from the issuance of non-fungible token.