Business models with NFTs are legally challenging. This gives rise to a number of new legal questions, even beyond copyright or tax law.
With NFTs, Mercedes-Benz wants to merge physical and digital products. In the first quarter of 2021, ten percent of global sales on the art market were generated with NFTs. There are also commercially successful projects such as the Bored Ape Yacht Club, the CryptoPunks or the CryptoKitties. NFT and crypto games, NFT auction houses and NFT platforms are also booming.
These examples are the application areas for NFTs that are currently on everyone’s lips and made headlines, especially in 2021. However, other business models can also be implemented or supplemented with NFTs: proofs of origin for products including supply chains, digital identities, electronic health records, land register functions, storage of training and employment certificates, management of entrance tickets or emission certificate trading.
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Ultimately, all areas are available in which there is an interest in the audit-proof documentation of information or facts (with or without a time stamp). The decentralized structure of public blockchains can also be interesting for reasons of IT security: it is inherent in most public blockchains that more than just a few people control the servers or the cloud on which the data is stored.
