As the blockchain industry evolves and takes on new forms. One of them is referred to as an NFT (non-fungible token). An NFT is a piece of data with a unique identifier stored on a blockchain to prove ownership of an item.
Their ability to develop and maintain income streams is especially appealing, particularly in the context of art, sports, collectables, and other areas where brand power is a critical factor in determining value. However, these potentials need a heightened level of caution on the part of enterprises to prevent unforeseen regulatory consequences and safeguard their economic interests. For instance, NFTs are usually used as an alternative mean to raise funds for specific projects. Seeking for a sustainable and long-term oriented project cycle, it is advisable to consider AML, consumer protection, tax, GDPR and other regulatory implications that may affect NFTs at stake.
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