A Primer on NFTs: What Do You Really Own?

Maxwell Briskman Stanfield

Monyok, MichaelIf you have read or watched the news at all this year, you have almost certainly seen the acronym “NFT”—usually, in the context of an item you can’t even touch being sold for millions of dollars.

In general, NFTs, or “non-fungible tokens,” are digital representations of assets that are, at a very high level, part of the Ethereum blockchain. Unlike a cryptocurrency like Bitcoin or Ethereum, however, NFTs are unique and cannot be replaced by another item—hence, nonfungible. While they may have been obscure or ephemeral when they first entered the national discourse, they are turning into yet another example of the ever-growing digital world and merit closer scrutiny.

Please click here to read the full article by Maxwell Briskman Stanfield and Michael Monyok, which originally appeared in The Legal Intelligencer.