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Components of Legal Work On NFTs
Demand for lawyers who understand non-fungible tokens (NFTs) has grown exponentially in the past year. By some estimates, the market for NFTs was valued anywhere from $17 billion to $41 billion in 2021, from around $82 million in 2020.
With this giant rise in market cap — and a significant amount of this activity arising from the entertainment and sports industries — comes an inevitable need for legal services. But taking advantage of this economic growth is no simple matter for entertainment, media and sports lawyers. It requires an understanding not just of NFT transactions, but also of data security, intellectual property, public policy, and a whole raft of regulatory and compliance issues.
NFTs ostensibly are those digital certificates registered on a blockchain to show ownership of a unique asset. But such a technical description belies the complexity and popularity of the NFT.
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