Legal problems of rights tokenization to Individually defined objects in Russian legislation

Abstract

In a broad sense, the idea of tokenization of rights has an even longer history than the history of the existence of cryptocurrencies. Nevertheless, it has not yet been properly implemented either in theory or in practice. The influx in the popularity of NFT, which occurred in February 2021, pointed to the significant financial relevance of the tokenization of rights, but also raised a number of acute issues for the global legal community regarding the proper executing of transactions with NFT. First of all, the representation of the public and non-legal experts about the functions that a full-fledged NFT should have, deserves an assessment from a legal point of view. In addition, it remains unclear what legal institution can be used to ensure the unity of the token and the rights subject to it when disposing of the token. It also requires clarification of what may be the subject asset for the NFT. This study is devoted to the attempt of theoretical and legal understanding of the NFT phenomenon and the assessment of the prospects for the implementation of this concept in Russian law.