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the potential to democratise ownership of assets that have traditionally been viewed as inaccessible. However, other NFTs are indivisible. Transaction structures for minting and selling NFTs vary. Many NFT creators are "crypto natives" with DLT expertise who issue the NFT themselves and also create or own the underlying artwork or other asset to which the NFT is linked. Where the content creator/owner is not native to the crypto space (e.g. a celebrity, musician, athlete or sports club or other business), a third party may issue the NFT on behalf of the content creator/owner. The third party may also provide the underlying technology platform for minting and selling the NFTs, or another platform provider may be involved. Revenue sharing models between the various participants differ considerably and should be carefully considered. Commercialisation of digital assets A digital asset, such as a significant tweet, a video file or digital photograph, can be linked to a finite number of NFTs. The sale of those NFTs creates a whole new revenue stream. The provenance of the underlying digital asset is assured by the NFT. An artist could also sell an NFT linked to a digital version of a physical asset (e.g. an image or video of a painting or sculpture) to one buyer, while selling the physical work itself to another buyer as an additional opportunity to profit. NFTs have opened the door to artists and content producers further commercialising their work in a digital environment, by providing an infrastructure in which value can be ascribed to a digital 'copy' of a work due to the uniqueness of that copy. Commercialisation of physical assets While NFTs have been mostly linked to digital assets to date, fine art, luxury goods and other physical assets have the potential to be linked to NFTs. This ensures the provenance of the underlying asset but can also assist with increasing liquidity. Considering the collectible wine investment market for example, NFTs may Buying Myself Back: A Model for Redistribution Model Emily Ratajkowski recently sold an NFT called "Buying Myself Back: A Model for Redistribution" for US$140,000. Her NFT is linked to a photograph of herself standing in front of a painting by artist Richard Prince of a photo of herself – for which she was paid US$150 at the time. Her NFT served two purposes – (1) to take back control of her own image, which she believes Prince had exploited; and (2) to generate revenue. The purchasers of her NFT will not receive a physical copy of the photograph. Glossary • Blockchain is one type of DLT in which the data is set out and built up in successive blocks, where each new block of data verifies the content of the previous block. It is known for being the technology underlying Bitcoin, but has been integrated into many other transaction and asset types. Most NFTs are minted on the Ethereum blockchain. • Cryptoasset A digital asset created using cryptography. Cryptocurrencies are a subset of cryptoassets with money-like functionality. The term token is often used synonymously with cryptoasset. • Distributed ledger technology (DLT) DLT is a decentralised peer-to-peer data storage system where participating computers (known as nodes) hold and maintain identical copies of the ledger. Data integrity is achieved through public-private key cryptography, so that an individual node cannot tamper with the information recorded in the ledger by rewriting the transaction. • Non-fungible token (NFT) An NFT is a unique cryptoasset that represents rights to an underlying ‘tokenised’, often digital asset, which is created and transferred using DLT. This contrasts with many existing cryptoassets, including cryptocurrencies like Bitcoin, which are fungible or interchangeable. • Smart contract A smart contract is commonly defined as an agreement written in computer code with automated performance. Smart contracts are automatable and enforceable either by legal enforcement of rights and obligations (though they may not always amount to legal contracts) or via tamper-proof execution of computer code. • Token A token is a digital entry on a DLT register or other digital infrastructure where a person is recorded as owning a unit or other entitlement. Tokens may represent a permission to control a resource native to the DLT platform, rights granted to the holder, or a “real world” asset. The latter is commonly referred to as the "tokenisation" of underlying assets. NON-FUNGIBLE TOKENS: THE GLOBAL LEGAL IMPACT CLIFFORD CHANCE 3PDF Image | NON-FUNGIBLE TOKENS GLOBAL LEGAL IMPACT
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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