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Legality Review of Participant-authenticated NFT Issuance and Payment

DLG provided legal advice on the business model of issuing NFTs as a means of authenticating participation in the project to form a movie viewer’s participatory community in the movie industry. NFT (Non-fungible token) refers to a virtual token that uses blockchain technology to prove ownership of digital assets. Here, the legal nature of NFTs is currently not clearly defined in Korea, so it is necessary to closely examine the applicability of various regulatory laws and regulations depending on their actual function. In this regard, DLG reviewed the structure and contents of the project and the NFT payment method thereof in light of the regulatory risks under current laws such as the Special Act, the Capital Market Act, and the Electronic Commerce Act, as well as applicability under domestic and international cases.