Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The World of NFTs
NFTs have been all the rage in the world. Mike Winkelmann, a digital artist known professionally as Beeple, sold a collage of his digital images for a record-breaking $69 million. About two weeks later, Twitter CEO Jack Dorsey's first tweet ("just setting up my twttr") sold for $2.9 million. Sports icons like LeBron James and Tom Brady have leapt into this market, with a video clip of less than a minute showing James dunking a basketball having been sold for over $200,000. And now, in what many are calling a "social media experiment" that could inspire an episode in the dystopian sci-fi television series Black Mirror, one can buy and sell tokens based on speculating in celebrities' reputations on BitClout, a social cryptocurrency exchange platform.
So what exactly are NFTs?
|History of NFTs
An NFT, or non-fungible token, is a unit of data based on blockchain technology, which allows users to record and track transactions (such as sales and purchases) as well as ownership of the data on a decentralized, digital ledger. Content creators can "link" NFTs to a variety of works, including art, videos, music, or other digital files. The biggest distinction between an NFT and other forms of cryptocurrency like Bitcoin is fungibility: whereas one can exchange an individual Bitcoin for another, each NFT is entirely unique and not interchangeable. This makes an NFT similar to a collectible item, where the intrinsic value is inherently subjective and depends on how much others are willing to pay for it.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
How Secure Is the AI System Your Law Firm Is Using?
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.