![]() Because the NFT value is determined according to its unique personality or characteristics, the value is attributed to it by prospective buyers and sellers, creating a market opportunity. ![]() By contrast, non-fungible tokens are inherently unique and irreplaceable: that’s what “non-fungible” is getting at. Because it is “fungible” – effectively meaning mutually interchangeable - it can be exchanged or traded in a way that works similarly to any traditional currency. Tim Ryan: In your average cryptocurrency system, a particular token will be indistinguishable from another token of the same value. ![]() Kelsey Farish: Tim, you’ve written about distributed ledger technology (DLT) in the past, and you understand what makes the blockchain ecosystem not only interesting from a technological perspective, but valuable from a commercial one. ![]() In this article, solicitor Kelsey Farish chats with our head of the Technology & Media team, partner Tim Ryan, about this exciting technology and its implications for the digital media and entertainment sectors and wider ramifications. Non-Fungible Tokens: From CryptoKitties to Smart ContractsĪlthough much of the legal framework and intellectual property (IP) implications surrounding non-fungible tokens (NFTs) are to be fully developed, analysis of key areas is possible by reference to existing law and there is optimism about how this use of blockchain technology may be used practically in the future. ![]()
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