Open Access
American Research Journal of Humanities and Social Sciences
ISSN (Online): 2378-7031
DOI: 10.46568/arjhss
Regulation of NFTs and Crypto Art Trading. Influencers, Gamification, and Emerging User Protection Issues
Abstract
The work examines the designof platforms currently operating in the NFTs Art market and their relevancethanks to the
algorithmic analysis of data and the offer of ancillary services.
Specifically, marketplaces and social media platforms will be examined and their ability to influence user choices and NFT sales prices. The analysis outlines the techniques of profiling and attribution of royalties to artists and buyers to guide users’ choices, as well as the ability to influence the value and sales prices through forms of Gamification. Subsequently, the paper analyzes influencers’ role and ability to encourage purchasing collections created exclusively for social media. In this context, as highlighted in the second part of this work, given the growing volume of transactions and the complex legal nature of NFTs, there are considerable risks in making conscious and informed choices by collectors—a regulation of circulation given the difficulty of applying the current legislation.
The absence of a specific regulation of the NFT in many countries and the possible qualification as an asset whose circulation is regulated by the e-commerce regulation can lead to certainty and clarity in buyers regarding the nature of the purchase made and its potential illiquidity.
Specifically, marketplaces and social media platforms will be examined and their ability to influence user choices and NFT sales prices. The analysis outlines the techniques of profiling and attribution of royalties to artists and buyers to guide users’ choices, as well as the ability to influence the value and sales prices through forms of Gamification. Subsequently, the paper analyzes influencers’ role and ability to encourage purchasing collections created exclusively for social media. In this context, as highlighted in the second part of this work, given the growing volume of transactions and the complex legal nature of NFTs, there are considerable risks in making conscious and informed choices by collectors—a regulation of circulation given the difficulty of applying the current legislation.
The absence of a specific regulation of the NFT in many countries and the possible qualification as an asset whose circulation is regulated by the e-commerce regulation can lead to certainty and clarity in buyers regarding the nature of the purchase made and its potential illiquidity.
