Legal nature of NFTs with respect to the attributes of property

Abstract

The purpose of this study is to provide a better understanding of NFTs and their place in our legal system by comparing the attributes of property with those of NFTs. This was conducted through using a black letter approach for the extraction of the attributes of property form the Civil Code and the attributes of NFTs was informed by both the analysis of Terms of Service and the review of relevant literature on NFTs. Lastly, a comparative analysis was used for the critical comparison of the attributes defining both subject matters. The results obtained were limited due to the limited legislation and case law in the filed of NFTs. However, it was concluded that the general notions of exclusivity derived from title holds commonality between the two. Nonetheless, differences which arose when comparing the attributes such of ownership and transferability.