This platform enables NFT creation with email: Why it’s important for legal teams
On top of the fraud and scam issues related to crypto, NFTs also require intellectual property management. Web3 platform Niftyz aims to add legal clarity to the NFT market by using blockchain-verified emails to create and protect NFTs.
The crypto industry is growing remarkably, even in the cornerstones of traditional finance. Take the United Kingdom, for example, where crypto asset holders jumped from 2.1 million in 2021 to almost 5 million in 2022, according to a report released by the Financial Conduct Authority (FCA).
However, it’s hard to say that the growth was all moonlight and roses. As highlighted in the same FCA report, nearly 80% of crypto asset owners do not know who to approach when they have a complaint. This is particularly concerning given the skyrocketing crypto-related fraud losses, which have increased by 41% in the U.K. in the past year, with the FTX collapse being a major contributor to this problem.
The legal landscape faces increasing challenges due to the rise of tech and innovation-related fraud, as well as unmet legal needs. According to LSB research, 3.6 million people in England and Wales have unmet legal needs each year. This includes crypto and its subsectors, such as nonfungible tokens (NFTs).
The rising demand for legal services in the crypto industry is opening up a new market for lawyers. However, the legal system is struggling to keep up with the pace of innovation in the crypto space. Why is this? The main reason is that crypto-related innovation is, by nature, complex and constantly evolving.
For example, the legal aspects of NFTs are challenging to understand. This makes it difficult to determine what the buyer is getting, what the seller can claim after the purchase, or who owns which
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