In recent years, the use of virtual transactions has surged, primarily related to artistic expressions, branding, music, sports, and other creative fields. Among the various methods for buying and selling digital content are Non-Fungible Tokens (NFTs), which first gained prominence in 2017 on the Ethereum market—an open-source network used to execute smart contracts and create tokens representing assets on its platforms.
In this sense, a token is a programmable unit of value stored in a digital ledger. It is a piece of software code with specific functionality and a unique identifier—a long string of numbers and letters known as a hash. Its main characteristics include:
- Uniqueness: Each token represents a unique and distinct property.
- Non-equivalence: They do not have a standard value and cannot be exchanged for one another.
- Indivisibility: They cannot be reproduced, divided, or copied into other units.
- Versatility: Their content can be an image, a video, or even an e-book.
Furthermore, tokens are classified into two categories:
- Fungible: Those that fall on a scale ranging from “unique” to “indistinguishable” from the rest.
- Non-fungible: Those that cannot be replaced by another due to the intrinsic individuality of the asset itself.
The Impact of NFTs
With NFTs, users have the opportunity to showcase digital art, collectibles, tickets, coupons, video games, music, and any other activity that allows them to monetize and preserve the originality of their objects.
A prime example is the sale of the artwork Everydays: The First 5000 Days in the NFT market for USD 69,000,000. This piece is a collage created by Mike Winkelmann, known professionally as Beeple, consisting of 5,000 photos taken over thirteen years. It became the first sale by the prestigious auction house Christie’s of a work that does not physically exist. Founded in 1766, Christie’s is renowned for selling paintings by Leonardo da Vinci, Salvador Dalí, and other world-class artists.
The Venezuelan Context and Regulation
In Venezuela, interest in this field has grown significantly, leading to the creation of Väsik, the first collaborative boutique NFT platform. Väsik is responsible for forming alliances to strengthen the relationship between brands, companies, artists, and content creators within the entertainment industry.
However, it is important to note that Venezuela lacks a specific regulatory framework for this new technology. Nevertheless, a related activity—cryptocurrencies—is regulated under the Constituent Decree on the Integral System of Crypto-assets and Related Activities, published in Gazette No. 41.575 on January 30, 2019. The regulatory body for this sector is the National Superintendency of Crypto-assets and Related Activities (SUNACRIP).
Under this decree, it can be interpreted that NFTs are an activity related to cryptocurrencies, as both are based on blockchain technology. Therefore, the scope of application extends to NFTs.
Given the international and domestic attention surrounding virtual operations, it is necessary to develop a specialized regulatory framework to address the challenges emerging in:
- Intellectual Property and Copyright
- Patents
- Smart Contracts
- Money Laundering and Fintech
- All other activities related to NFT technology.
