An NFT is a digital asset (or unit of digital data), stored on the blockchain that often represents ownership of physical-world objects like art, music, apparel, photos and videos. NFTs are bought and sold online, frequently with cryptocurrency. NFTs can only have one owner at a time, and they are impossible to equally exchange (i.e., they are non-fungible).
NFTs use blockchain technology to provide verifiable proof of ownership of the item associated with the NFT. In other words, an NFT is a digital certificate of authenticity and blockchain technology secures and verifies this ownership. As a result, NFTs create “digital scarcity,” but often these scarce digital creations already exist in some form in the physical world. Problems arise when the physical form of a digital creation is protected by copyright, trademark and other physical world laws.
Problems arise when the physical form of a digital creation is protected by copyright, trademark and other physical world laws.
Our fashion tech lawyers advise founders, emerging companies and established brands at the intersection of fashion and technology. Smart, technical, bioengineered and chemically engineered fabrics, garments and beyond are transforming the fashion and apparel industry, from the supply chain and how clothes are made and worn to the materials used and how we shop. Our fashion tech law practice, which combines our technology expertise with our deep fashion knowledge, is a practice for this changing world.
As the new kid on the block, non-fungible tokens (NFTs) are shaking up the art world. To keep you at the forefront of all things NFT, our partners and colleagues address important questions and considerations for collectors, artists, dealers and beyond on a wide range of current NFT-related legal issues.
Our blockchain, cryptocurrency and decentralized finance group help individuals and businesses successfully navigate blockchain, cryptocurrency and the decentralized finance (‘DeFi’) ecosystem. From cryptocurrency, stable coins, decentralized exchanges and wallets to payment networks, lending and insurance platforms, key infrastructural development, marketplaces, and investment engines, the DeFi ecosystem heralds a new and exciting era in global finance.