**Abstract**

This work analyses the distributed-ledger technology as a digital framework for the representation and exercise of tokenized rights, as well as the private-law characterization and EU regimen applicable to non-fungible tokens (NFTs). After a brief introduction to permissioning in blockchain and to permissioned distributed ledgers (PDLs), we reflect on its relevance to NFT contracting and markets, focusing on the legal and economic consequences of NFT trading in PDLs, with particular emphasis on public permissioned networks (PPDLs). We then discuss key challenges about law-compliant trading for NFTs, such as proper legal qualification of their nature, determination of optimal conditions for the legal trading of NFT underlying assets and investing applicable regime, including specific primary-market and essential public surveillance and intellectual-property (IP) issues.

**Keywords:** permissioned blockchain networks, non-fungible tokens, public-permissioned DLT networks, primary-market obligations, IP protection
