The increasing popularity of cryptocurrencies has sparked several debates around the world on their legality and efficacy. It has led to the creation of a frenzy centering around Non-Fungible Tokens or NFTs. NFT is essentially metadata or code which is minted on a blockchain and stored in the form of a link which is like a certificate of ownership for virtual or physical assets.
Against this backdrop, Vinay Butani, Partner & Faiz Thakur, Associate at Economic Laws Practice (ELP) have authored an article for ET Insights titled ‘Decoding NFTs and their Regulation in India’. In this article, Vinay and Faiz discuss how NFT regulations could affect its adoption in India. The article also talks about the common misconception of NFTs being a type of cryptocurrency and implications for a separate legal framework for NFTs which are currently only governed by the general principles of contract.
Read the detailed article here: https://bit.ly/3HwOLIC