IBC expert informed art festival participants about the legal regulation of virtual assets

The first NFT incubator to train female creators for an art festival in the metaverse, AIYM, has been launched in Kyrgyzstan. The event is part of a 16-day campaign against violence against girls and women.

At the AIYM guest lecture, Deputy Executive Director of the International Business Council Zhanabil Davletbaev spoke about the legal regulation of virtual assets, in particular NFT products. NFT (Non-fungible token) is a unit of value built on top of an existing blockchain network.

“Many art festival participants — representatives of the creative industry want to publish their works on Internet platforms, in particular on the NFT platform. Therefore, I informed them about such important issues as taxation, protection of intellectual rights, peculiarities of concluding contracts, as well as current problems with the circulation of NFT products in Kyrgyzstan,” said Davletbaev.

The goal of the art festival is to draw attention to the values of gender equality and rethinking the roles of women using art and Web3 technologies. The festival will be held in a hybrid format — it will be an offline event and an exhibition in the Spatial.io metaverse, where all works will be presented in NFT.

To make it easier for creators to navigate the world of NFT marketplaces, a preparatory educational program, an NFT incubator with speakers and mentors, is being held for selected participants and participants from October 9 to 13, 2023.