IMGL Magazine April 2022

NFTs and virtual digital assets

NFTs and virtual digital assets in gaming Tradeable, winable, ethereal, controversial: welcome to the wonderful world of non-fungible tokens, the latest craze to sweep the world of gaming. First, Mexican gaming legal experts Alfredo Lazcano and Andrea Avedillo share their perspectives on the legal and practical aspects of virtual digital assets.

Introduction As much as we are now used to it, the Internet has come a long way since it was conceived. What started as a tool to exchange large amounts of information, has now become an indispensable part of our daily livelihood. Every single aspect of someone’s life can be – and in most cases shall – expressed digitally. People no longer need to file their medical records or to print concert tickets. Even bank statements are delivered via email. Financial transactions and paying taxes are activities that we can also do online. According to the DataReportal site (a source of data, insights and trends that derives its reports from trusted third parties) we spend almost seven hours online every day and

“if we assume that the average person spends roughly seven to eight hours per day sleeping, the typical internet user now spends more than 40 percent of their waking life online” 1 . If humans are spending such a large amount of time connected, it should come as no surprise that we are migrating some of our activities to the online universe. However, is it possible to convert every task into digital? Tech developers believe it is. For many, one of the first steps was digital payments and its evolution into cryptocurrency; they no doubt thought that if there was a chance to dispense with cash, the possibilities were endless. The idea to create a digital world aside from the real one is a work in progress, known by many simply as the metaverse.

1 Kemp, S. (2022, January 26). DIGITAL 2022: TIME SPENT USING CONNECTED TECH CONTINUES TO RISE. DataReportal. reports/digital-2022-time-spent-with-connected-tech#:~:text=That%20may%20not%20sound%20like,hours%20online%20in%202022%20alone.

48 • IMGL Magazine • April 2022

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