Non-fungible tokens, or NFTs as they are popularly known, have become a hype over the last year. These unique pieces of digital work built on top of Ethereum blockchain can be worth up to hundreds of thousands of dollars.
The NFT market has reached a multi-billion-dollar size. In 2021 alone, sales in the market have skyrocketed reaching $2.5 billion by July, according to Reuters.
Even traditional players of the art and luxury world have embraced this trend. Just a few days ago, the giant auction house Sotheby’s announced the launch of a NFT-only marketplace hoping to tap into this booming sector.
In the latest episode of our #FinancialFox show, we wanted to brief you about the technological and legal aspects of NFT ownership. Our host Steffy spoke with Catherine Zhu, a technology lawyer at Foley and Lardner about NFTs. They discuss legal aspects of creating and buying NFTs, decentralised models and how blockchain technology has impacted the legal world.
Catherine says that the legal definition of an NFT relates to its technological concept which is a “record on the blockchain representing a digital asset”. She also explains the aspects related to intellectual property and ownership of NFTs.
The use of blockchain for smart contracts has brought significant impact for the legal world and allowed for more autonomy for creators, says Catherine. This shift is overall very positive for those creating digital art who now enjoy more control over their pieces and do not need to rely on third-parties for sales and compliance.
If you are considering entering the NFT market, either by creating your own art or buying collectibles, this episode gives you valuable information.
Watch our latest #FinancialFox interview with Catherine Zhu.
REMEMBER: All content in the video is for informational purposes only and it doesn’t constitute financial advice.
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