8.4. Prospects for Regulating the NFT Market (Non-Fungible Token Market)

Thursday, May 20
18:30 - 19:30

Channel 1
Open Access Live Stream

Track: 8. Culture. Education. Sport. Tourism
Discussion session

Lately, interest in non-fungible tokens around the world has been growing considerably. Monthly trading volumes are already reaching more than $500 million.

The tokenization of real-world assets from 2015 to the present has covered almost every area of economic activity: gold, individual countries' national currencies, real estate or stakes in LLCs have been tokenized on the blockchain. However, these have been fungible tokens, corresponding to generic things in Russian law.

Non-fungible tokens (NFT) allow both the tokenization of individually defined things and the creation of unique objects solely in virtual space. NFTs are used in the gaming industry to prove ownership of unique virtual assets, in domain name registration, and in real estate.

Pioneers of NFT have emerged in the art market. This market accounts for around 30% of all NFT trades. Artists and performers have turned their attention to this new way of financing their activities and it's not just crypto-enthusiasts - leading museums and auction houses around the world are recognising the trend.

For example, Christie's auction house sold a work of digital artist Beeple for $69,346,250.00, and Hermitage plans to hold Russia's first exhibition of NFT works in the format of non-fungible tokens.

Will NFTs be able to revolutionize the control of intellectual property rights; solve the problems of art market regulation or even unlock its potential in a new industry?

These and other exciting questions will be discussed by government officials, the Hermitage General Counsel, organizers of blockchain projects, as well as leading experts in the field of regulation and legal support of this area.


Yuriy Lyubimov

First Deputy Minister of Justice of the Russian Federation


Yuriy Brisov

Managing Partner at LFCS Law Firm, Author of the Educational Course ‘Legal Design’ for Legal Academy


Lawyer, LL.M., PhD, Managing partner at “Legal and financial creative solutions” (LFCS). Since graduating from the Faculty of Philosophy of Moscow State University (specialization: aesthetics/contemporary art) and the French University College of Law, Yuri Brisov has successfully combined his interests in law and arts. In 2021, together with The Lawyer magazine and a group of international lawyers and designers, Yuriy Brisov founded the first studio in Russia for comprehensive services in Legal Design: LFCS.design.

Yuriy Brisov is the author of the course "Legal design" for LF Academy. Yuriy also teaches law at the Russian State University of Law and 'Blockchain law' and 'Software law' at the Moscow Digital School. Yuriy is also an arbitrator in the field of information technology in the Russian Arbitration Center.

Since 2012, Yuri Brisov has been the managing partner at the law firm LFCS «Legal and Financial Creative Solutions» in Moscow. Before that, he worked In Edinburgh, the USA, and Hong Kong. Yuriy provided legal and business support for cultural, educational projects, show business, restaurant business.

Yuriy Brisov is the author of many articles on civil law issues, digital law and blockchain legal matters.

As an expert, he often comments for the modern media: Kommersant, RBK, Izvestiya, Vedomosti, Delovoy Peterburg, Forklog, Snob.

Gleb Kostarev

Head of Binance in Russia and the CIS


Gleb has extensive experience in business development, PR and marketing and now heads Binance in Russia and the CIS, being directly responsible for the development of the largest cryptocurrency exchange in that region. Prior to that, he worked in the marketing departments of major cryptocurrency and financial companies, including the Russian blockchain platform Waves Platform and the audit and consulting corporation EY. He started his career at RBC, a Russian communications holding company, where he worked as a journalist covering international financial markets, technology and cryptocurrencies.

Alexandre Touihri

CEO and Founder, Auf der Mauer-Gruppe (ADMG)

Marina Tsyguleva

Head of Legal Department, State Hermitage Museum

* The Programme may be subject to change