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尹鍾秀 ( Jongsoo Yoon ),表施瑩 ( Siyoung Pyo ) 법조협회 2021 법조 Vol.70 No.6
Blockchain is a distributed ledger by encryption technology and consensus algorithm, implementing a system that can prevent double spending without the presence of a central server or intermediary. Crypto-assets are non-replicated data in which a specific role is assigned as a digital token generated and traded in blockchain, and are sometimes used as a medium for neutral exchange, or value or assets. Unlike typical Crypto-assets, which are represented by the quantity of tokens of the same value among such Crypto-assets, NFT(Non-Fungible Token) is a crypto asset that has a unique ID and can not be replaced by other tokens. The NFT is linked to a specific asset to prove the relationship of rights, but since it is common for the NFT not to include the asset, it is a kind of digital deed distinct from the target asset itself. NFT can be used in connection with various assets, such as NFT of real assets, NFT of digital contents, NFT of game items, NFT of event, and NFT of specific qualification. The above cases differ in the degree of combination with the target asset and its practical function. Among them, the NFT of digital content is of great significance in terms of media content in that it not only created an economic value by bringing scarcity to digital content capable of infinite replication, but also gave Aura of authentic artwork to digital contents where authentic artwork could not exist. In addition, NFT has great implications for the media industry in that it is used as a medium for forming bonds with others along with the granting of autonomy, fun, and identity, and further creates a compensation struct ure. In order to understand NFT as such, it is necessary to understand not only the role of digital dead but also the relationship with the rest of the elements through NFT, which is metaverse that shows it well. NFT is the basis of metaverse, and activation of metaverse increases the value of NFT. In a virtual world such as metaverse, the NFT itself plays an important role separately from the target asset, so a different level of discussion from the legal principles of property rights, which have been constructed on the premise of intangible objects, is needed. Cryptographic assets such as NFT have all the requirements for rivalrousness, excludability and independence, which is the essential property of goods, so they can be sufficiently included in the object under the Civil Act, that is, other natural forces what can be managed. In addition, in doing so, it is possible to utilize the possibility of dispute resolution under various systems of the Property Law, which reasonably adjusts the conflicting legal interests of protecting true Entitled Person and protecting transaction safety. Apart from protection under the Property Law, it is a question of how to protect the infringement of the authenticity of NFT. In addition, if the NFT of the same work is issued, the property value of the existing NFT will inevitably be affected, and there seems to be no effective way but to approach it under contract law. Legislatively, it is also worth considering trying regulations in special laws such as the ‘Unfair Competition Prevention Act’, which aims to maintain a sound trading order.