In a world first, the NFT version of a draft law will be put up for sale at SPIEF
On 16 June 2022, the world's first NFT version of a draft law will be put up for sale at a charity auction. We're talking about the draft law on NFTs which the New People party brought before the State Duma on 19 May.
It introduces the concept of NFTs and proposes that they be regulated as intellectual property. State Duma deputies believe that this will protect the rights of NFT owners, and that this will also become an additional driver of development for museums unable as yet to raise funds through digital copies of works of art.
The auction will be held at the DLT department store, as part of the "Create the Future 2050" digital art contest. "We're pleased that the first ever NFT draft law has become part of the contest. Anyone can enter our contest, and it's very easy to do so. We want to show people that anyone can become a creator or collector of NFTs. We'll also have Russia's top museums taking part, and this is a big deal for them, as huge parts of their collections will be able to get a new life," said contest organizer and Business Priority CEO Marianna Skragan.
The contest is open for entries until 30 May. The winners will be determined by a jury including State Russian Museum director Vladimir Gusev, Roscongress Foundation Chief Executive OfficerAlexander Stuglev, Moscow Museum of Modern Art executive director Vasily Tsereteli, Agency for Strategic Initiatives CEO Svetlana Chupsheva, Sirius Educational Centre director Elena Shmeleva and other experts. The contest is being held by the Roscongress Foundation, with support from the Russian Ministry of Culture and ROSIZO.
NFTs (non-fungible tokens) are cryptographic tokens, each copy of which is unique and exists only in a single copy. NFTs can be used to digitize works of art, documents, audio objects, etc. Smart contracts specify the ownership of NFTs, resales and terms and conditions.