Non‑fungible tokens:a bubble or the end of an era of intellectual property rights  

作　　者：Elli Kraizberg 

机构地区：[1]School of Business Administration,Bar Ilan University,52520 Ramat Gan,Israel

出　　处：《Financial Innovation》2023年第1期777-796,共20页金融创新（英文）

摘　　要：The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underlying the positive values of NFTs,this study establishes a pricing model for NFTs that follows a continuous-time financial framework.As NFTs are claimed to securitize“ownership rights short of use”,and as such they may potentially serve as a substitute for the need to rely replace the reliance on the legal protection provided by intellectual property rights(IPRs).Considering this issue,this study evaluates the likelihood that NFTs will replace existing mechanisms that protect producers’rightful claim to use their assets or the need to apply the legal code that governs IPRs.The financial condition for this potential shift is derived for a category of assets whose use or consumption does not reduce supply as the notion of scarcity does not apply.

关 键 词：Non-fungible tokens Intellectual property rights STATUS 

分 类 号：G12[文化科学] K11[历史地理—历史学]