The government proposed to streamline the NFT market in Russia
According to TASS with reference to the data of the ministry, the need for regulatory regulation of the NFT market is being discussed by the Competence Center for Regulatory Regulation, the Center for Strategic Research (CSR) and the business community. Consultations are held within the framework of the national project "Digital Economy".
“The Ministry of Economic Development supported such an initiative,” the message says.
To introduce the procedure for regulating the circulation of NFTs, it is proposed to amend the Civil Code of the Russian Federation and the law “On Digital Financial Assets”.
The project developers believe that in order to introduce effective mechanisms for regulating this market, it is necessary to establish the legal status of NFTs, the procedure for issuing and circulation of tokens.
It also seems necessary to introduce protection of consumer rights from the re-issuance of tokens.
According to experts from the auction house Christie's, the company's revenue from the sale of digital works of art (NFT tokens) in 2021 reached $150 million. The total volume of sales of NFT-tokens in the world for the year increased from 100 million to 22 billion dollars.
Experts do not yet undertake to assess how rapid the capitalization of the NFT masterpieces market will be in the coming years, and according to what principles it will be formed into electronic works of art.
The vast majority of exhibited on sale electronic works are sold for quite modest money (15-20 dollars): more than one and a half thousand dollars, only 1% of tokens go under the hammer. Meanwhile, in March of this year, a digital artwork called "House on Mars" that resembles a computer game was purchased by for 288 ethers - in terms of digital currency, this is more than half a million dollars.
Over the year, buyers' interest in NFT grew 220 times - from $100 million to $22 billion. So far, experts do not undertake to assess how the scale of the NFT market will change in 2022. given the volume of investments already made, it can be assumed that investors will not stop there. In November of this year, the authors of the Collins Dictionary named NFT " Word of the Year ".
NFT (non-fungible token), or a unique token, is a type of cryptographic tokens, each copy of which is unique and cannot be replaced by another similar token. The non-fungible token is certificate of the uniqueness of the digital object. A digital cryptographic certificate verifies ownership of a digital asset, such as a digital artifact or file. NFT does not prohibit the copying of a digital object, however, it indicates that the ownership of the original copy belongs to a certain person.
It was previously reported that Banksy’s work “Morons (White)”, which the blockchain company Injective Protocol bought from the Taglialatella Gallery in New York for $95,000, was converted into a digital file associated with a unique token. After the purchase, the physical original of the painting was publicly burned. Thus, the only example of a work of art was not a physical object, but the remaining digital file. The owners decided to auction this unique file for cryptocurrency.
