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Legal Triggers In NFT Crypto Craze
The latest cryptocurrency craze has litigators closely watching from the sidelines. Buyers of digital non-fungible tokens (NFTs) are ready to shell out hundreds of thousands of dollars, sometimes more, but when disputes start to hit the scene, litigators said there is little to no case law as precedent.
Unlike bitcoin, NFTs are digital files on blockchain that show who owns a unique piece of digital content, that can come in the form of digital art or videos. The technology allows the minting of that digital content on the file. NFTs can double as contracts that can be verified against the blockchain to help identify ownership. Musician Grimes recently made a cool $6 million from selling NFTs, and Shark Tank star Mark Cuban has announced that he is building an online NFT art gallery.
Gareth Emery, a globetrotting electric dance music artist, recently released his NFT collection LSR/CITY over the marketplace blockchain-based platform Nifty Gateway. Among the items are what he called "a one-of-a-kind laser sculpture" with a price tag of $250,000.
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