The demand for non-fungible tokens (NFT’s) is at an all-time high and many say it is here to stay.
NFTs are unique digital items such as visual art, stickers, game skins, and even music, that allow virtual goods to be “tokenized” and exchanged for cryptocurrency on the blockchain. NFTs are governed by smart contracts and are distributed through cryptocurrency platforms such as WAX, Nifti Gateway, or OpenSea to name a few. Unlike a traditional contract sitting on your lawyer’s desk, a smart contract is computer code that holds all the information about the token and how to trade it on a blockchain like Ethereum. Smart contracts allow developers to build apps that take advantage of blockchain security, reliability, and accessibility. There are many legal questions surrounding the intellectual property embodied in an NFT and the questions regarding potential government regulation of NFTs. This panel will explore the regulatory legal topics and the intellectual property concerns as it pertains to art and music in an NFT and how to maximize its value and monetize same.