Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Bitcoin NFTs: Making the Case to Be Sole Digital Asset Protocol
Non-Fungible Tokens (NFTs) are unique identifiers stored on a blockchain which represent ownership of a particular asset in the digital or physical world. They are typically created and transferred on a smart contract platform such as Ethereum or Solana. However, NFTs have recently come to the Bitcoin blockchain, which is an exciting development for several reasons.
|Advantages of Bitcoin NFTs
First, there are groups of people such as Bitcoin maximalists who believe that there should only be one protocol or network for digital assets. This leads to increased networking effects, greater ease of use for users who do not have to keep track of multiple cryptocurrencies, and lower maintenance when everyone is transacting on the same chain rather than using multiple blockchains. With the advent of the Bitcoin NFT, Bitcoin has increased its chances of becoming the sole digital asset protocol.
Second, the Bitcoin blockchain has many advantages over other digital asset protocols. Now these advantages can be applied to NFTs. For example, the Bitcoin blockchain originated in 2009, making it the longest-running blockchain compared to its competitors. The Bitcoin blockchain is also extremely secure. It has never been hacked and currently has a hash rate of about 350 million terahashes per second. That means it would require an incredibly large amount of processing power for a single entity to take over the network, making it nearly impossible. The decentralized and secure nature of Bitcoin blockchain therefore makes it a great place for valuable NFTs.
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
'Huguenot LLC v. Megalith Capital Group Fund I, L.P.': A Tutorial On Contract Liability for Real Estate Purchasers
In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
CoStar Wins Injunction for Breach-of-Contract Damages In CRE Database Access Lawsuit
Latham & Watkins helped the largest U.S. commercial real estate research company prevail in a breach-of-contract dispute in District of Columbia federal court.
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.