Sally Mewies looks at how the law affects blockchain assets
The crypto boom and headlines about high-value sales of digital art and music via non-fungible tokens (NFTs) – one-of-a-kind digital assets stored on the blockchain – has led to an explosion in interest by the international art sector. NFTs look set to emerge as a pivotal technology in the UK – and businesses must be aware of the legal implications.
How do NFTs work?
NFTs use the same blockchain technology that underpins cryptocurrencies. However, unlike Bitcoin or Ethereum, they are not interchangeable, due to the unique identification code and metadata distinguishing one NFT from another.
NFTs may include “smart contracts”, which are software code that executes auto...
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