Deepfakes are media content that has been generated or manipulated using AI systems and falsely gives the impression of being authentic. Since their first appearance in 2017, the technology used to create them, and especially to distribute them, has developed dramatically. This has given rise to a number of social challenges, ranging from sexual violence in the form of non-consensual, sexualised deepfakes to fraud attempts and attempts at political influence. At the same time, the technology also offers great potential in areas such as education, art, advertising and entertainment. The TA Compact study provides a clear and up-to-date overview of the technical status of deepfakes, their applications and the challenges they pose. A particular focus is placed on the question of existing and possible future legal regulation.