Application of Blockchain-enabled Technology: Regulating Non-fungible Tokens (NFTs) in Singapore

Abstract

Twelve-year old Benyamin Ahmed recently launched two NFTs and made close to half a million dollars. He is not the only one to benefit from NFTs. The surging popularity of NFTs means that a greater understanding of NFTs would be required and regulators would need to deal with this new asset class in order to safeguard the interests of both buyers and sellers of NFTs. Legal advisors would need to be well-equipped to advise their clients and protect their interests accordingly. This article is an attempt to shed some light on NFTs and discuss some potential regulatory issues surrounding NFTs.

Keywords: Blockchain technology, non-fungible token, digital art, regulation, Singapore

JEL Classification: K10