Scribd
Upload
486 views1 page

Conclusion - NFT Respaper

The document discusses how non-fungible tokens (NFTs) and blockchain technology have transformed the digital art world by providing artists with value, traceability, recurring royalties, and provenance for their work. While cryptocurrencies and Ethereum facilitate these transactions, their value is volatile, and artists typically convert earnings to fiat currency. The document also analyzes legal implications and recommends future policy work to implement blockchain and virtual currency laws.

Uploaded by

Varun Matlani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
486 views1 page

Conclusion - NFT Respaper

The document discusses how non-fungible tokens (NFTs) and blockchain technology have transformed the digital art world by providing artists with value, traceability, recurring royalties, and provenance for their work. While cryptocurrencies and Ethereum facilitate these transactions, their value is volatile, and artists typically convert earnings to fiat currency. The document also analyzes legal implications and recommends future policy work to implement blockchain and virtual currency laws.

Uploaded by

Varun Matlani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

CONCLUSION

The state of digital artworks has witnessed a paradigm shift making non-fungible tokens and the
value instated powered by blockchain backed Ethereum network the new currency and realty of art
providing artists with value addition like traceability and recurring royalties, provenance and an
acceptable valuation for digital art merely due to representative ownership which is verifiable over
distributable ledger since digital assets can be easily replicated without an iota of loss in value or
usability of asset.

In the economic analysis we derived to the conclusion that NFT technology and cryptocurrency are
merely facilitators, and value of Ethereum or Wrapped Ethereum currencies are volatile, and
Ethereum leaves just a facilitator of technology as fiat currency is converted into ETH and
transaction is completed and artists further convert the ETH to fiat currency.

In the legal analysis we derived various implications of policy frameworks and how the preexisting
laws such as Information Technology Act, 2000 or Foreign Exchange Management Act can be applied
in issues of current blockchain legislations. Also, future policy work recommendations were
observed and how various permutations of blockchain and virtual currency laws can be
implemented.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy