'As the world’s legacy and decentralized systems for art and money grow more interconnected, the stakes of success and failure continue to grow more vertiginous by the day.' Do you agree?
attests to the already enormous stakes of calibrating the needs for personal privacy and public disclosure.
As Web3 enters territory that blurs the line between not only physical and digital goods but also between private and public exchanges, it is imperative to consider how legal frameworks have shaped the analog version of this world that the crypto-forward future hopes to supplant.Fully grappling with these questions is far beyond the scope of a short article.
Any updated government policy aimed at striking a balance between social interests and individual privacy could have rippling effects on investors, auction houses and art collectors. The, one of the world’s toughest pieces of legislation on data privacy, has fast become the world’s blueprint for leveraging fines as a way to amplify the pain of breaches. Yet, records show that privacy breaches remain ubiquitous on a global scale.
that monetary sanctions do not necessarily lead to better compliance and ultimately better data protection for individuals.Why does it matter in the world of crypto? For one, until global legal authorities manage to catch up with the fast-moving cryptocurrency freight train , collisions with existing regulatory regimes are bound to occur.
In the event that NFTs contain any traces of personal information — such as provenance for an NFT work — these bits of data may be caught by the long arm of extraterritorial law. And conversely, a well-established right to privacy could serve as a shield behind which all sorts of devious actors can operate. Such has been the historical norm of the art world for well over a century.
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