NFT自其诞生伊始就受到了市场与资本的追捧,但与庞大的市场规模不成正比的是NFT交易的治理路径与规则体系。目前,立法与理论依旧无法就如下两个问题达成共识,即NFT“是什么”以及“怎么管”。现阶段较为科学且现实的路径是承认NFT具备多样化法律定性的可能,即同时具备数字财产、数字身份以及去中心化金融产品三类属性的可能,并且,在已有共识的基础上,构建最大化买卖双方权利转移的交易关系。具体到我国,考虑到本土化数字藏品与NFT之间的重叠关系,我们也应在着力发掘技术潜在价值的同时,探讨多样化NFT产品的开发,并在激活市场活力的同时进行交易规则与平台合规预研,以应对可能到来的金融、侵权等风险。

Non-fungible tokens (NFTs), as emerging digital assets based on blockchain technology, have rapidly attracted significant attention from both markets and investors since their inception. Despite the substantial scale of the NFT market, there are still numerous disputes and uncertainties regarding their legal definition and regulatory frameworks governing their transactions. Legislators and scholars worldwide have yet to reach a consensus on two fundamental questions: What exactly are NFTs? How should they be regulated? In this context, a clear and precise legal definition of NFTs is crucial for standardizing market behavior, protecting the legal rights of all parties involved in transactions, and mitigating potential legal risks. Moreover, establishing sound regulatory pathways is essential for fostering the healthy development of the NFT market, stimulating market vitality, and promoting technological innovation and broader application scenarios.
This paper aims to address these core issues by adopting a demand-oriented approach, focusing on qualitative research of legislation, policies, and cases to define what NFTs are and what rights are transferred through transactions. Additionally, this paper employs a quantitative analysis of industry reports and key indices to explore how NFT transactions should be regulated. The research process involves classifying mainstream international legal perspectives on NFTs and analyzing their applicability in different legal systems through specific case studies. Furthermore, the paper provides legislative recommendations for NFTs and digital collectibles tailored to the Chinese context.
Key innovative conclusions drawn from this study, compared to previous literature, include the following. Firstly, NFTs have the potential for diverse legal characterizations, encompassing digital property, digital identity, and decentralized financial products. Secondly, NFT transactions should aim to maximize the transfer of rights between buyers and sellers, rather than being limited to license transfers. Thirdly, platforms play an intermediary role in NFT transactions and are the primary entities responsible for consumer protection. Lastly, while Chinese digital collectibles and NFTs share common characteristics such as traceability, uniqueness, and collectible value, they differ in blockchain technology usage, transaction currencies, and liquidity.
Web 3.0 represents a clear trend towards decentralization in the development of the next generation of the Internet. As NFTs are poised to become a significant component of future online interactions, more proactive regulatory research and risk assessment are necessary. China's future policies and legislation should emphasize three main points. Firstly, legislation should allow for diverse interpretations of the legal attributes of NFTs and provide flexibility for future functional developments. This means recognizing NFTs' potential as digital property, digital identity, and financial products, each with different regulatory needs. Secondly, regulatory frameworks should ensure that NFT transactions maximize the transfer of rights between parties, avoiding the pitfalls of mere license transfers or limited streaming rights. By doing so, the legislation would provide a more robust legal foundation that supports both market growth and consumer protection. Lastly, there should be a concerted effort to strengthen platform liability mechanisms. Platforms should be designated as the primary responsible parties in ensuring consumer protection, thereby enhancing the effectiveness of these protections in practice. Platforms must implement clear service terms, safeguard against fraud, and ensure transparency in their operations. Overall, the strategic focus should be on fostering an environment that promotes innovation while safeguarding the interests of all stakeholders involved in NFT transactions. This balance will be crucial in leveraging the full potential of NFTs, driving economic growth, and positioning China as a leader in the global digital economy.