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6.3 Governance Consideration consumption. This makes the user lose confidence in the NFT because the original file might be lost or damaged. Several NFT projects integrate their system with a specialized file storage system such as IPFS [72] in which IPFS addresses allow users to find a piece of content so long as someone somewhere on the IPFS network is hosting it. Inevitably, such systems have flaws. When the users “upload” NFT metadata to IPFS nodes, there is no guarantee that their data will be replicated among all the nodes. The data may become unavailable if the asset is stored on IPFS and the only node storing it is disconnected from the network [73]. This issue has been reported by DECRYPT.IO [73] and CHECKMYNFT.COM [76]. Also, an NFT might point to an erroneous file address. If that is the case, a user cannot prove that s/he actually owns the NFT. In a word, relying on an external system as the core component (storage) for an NFT system is vulnerable. - Anonymity/Privacy. In the current stage, the anonymity and privacy of NFTs are still understudied. Most NFT transactions rely on their underly- ing Ethereum platform, which only provides pseudo-anonymity rather than strict anonymity or privacy. Users can partially hide their identities if the links between their real identities and corresponding addresses are unknown by the public. Otherwise, all the activities of users under the exposed address are observable. Existing privacy-preserving solutions (e.g. homomorphic en- cryption [112], zero-knowledge proof [114], ring signature [99], multi-party computation [101]) have not been yet applied to the NFT-related schemes due to their complicated cryptographic primitives and security assumptions. Similar to other types of blockchain-based systems, decreasing expensive computation costs becomes the key to implement privacy-promised schemes. Similar to the situations of most cryptocurrencies, NFTs also confront the bar- riers like strict management from the government. On the other side, how to properly regulate this nascent technology with the corresponding market is also a challenge. We discuss two typical issues from both sides. - Legal Pitfalls. NFTs confront legal and policy issues across a wide range of areas [82][91]. Potential concerned areas cover commodities, cross-border transactions, KYC (Know Your Customer) data, etc. It is important to un- derstand the related regulatory scrutiny and litigation before moving into the NFT tracks. In some countries, such as Indian and China, the legal sit- uation is strict for cryptocurrencies, and also for NFT sales. Exchanging, trading, selling, or buying NFTs have to overcome the difficulties of gov- ernance. Legally, users can only trade derivates on authorized exchanges such as stocks and commodities or exchange tokens with someone person-to- person. Several countries, such as Malta and France, are trying to implement suitable laws with the aim to regulate the service of digital assets. Elsewhere, issues are resolved by using existing laws. They require buyers to follow com- 14PDF Image | NFTs Non-Fungible Tokens Focus
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