Metaverse Arbitration for Resolving Blockchain Disputes 1.0....

Abstract

Non-Fungible Tokens (NFTs) built in the blockchain are quietly revolutionizing ideas around digital assets despite their questionable status under current law. At the same time, disputes regarding NFTs are inevitable, and parties will need means for dealing with NFT issues. At the same time, NFTs are generally governed by smart contracts, again built in the blockchain and sometimes allowing parties to remain anonymous. This chapter tackles this challenge and proposes that parties turn to online dispute resolution (“ODR”) to efficiently and fairly resolve NFT and other blockchain disputes. Furthermore, the chapter acknowledges the benefits and challenges of current blockchain ODR start-ups and proposes ideas for how designers could address those challenges and incorporate ODR to provide just resolutions that will not stymie efficiencies of smart contracts. It will also consider various types of online arbitration, including metaverse arbitration – good, bad and ugly.

Keywords: arbitration, blockchain, NFTs, smart contracts, ODR, online dispute resolution, legal technology, technology, innovation