The Art Market Report 2023: NFT’s in a (Legal) Nutshell
By: Vejay Lalla , Peter H. Hart , Kevin Kirby , Monica Kim
As part of the Art Basel and UBS Art Market Report 2023, Fenwick partner Vejay Lalla and associates Peter Hart, Kevin Kirby and Monica Kim co-authored “NFT’s in a (Legal) Nutshell,”, which explores the rising prominence of NFT market sales in the artworld and the unique issues this has presented.
The artworld has been a key driver of the innovation and mass interest in NFTs. As this traditionally offline world expands into online arenas, legal challenges surrounding key ownership, intellectual property and regulatory issues will continue to arise. As the infrastructure is being established in the NFT space, galleries and other art dealers not only need to be familiar with traditional issues in the artworld, but also should understand and track legal and related valuation, security, storage and insurance developments in the world of digital assets as they evolve.
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