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WYOMING LEGISLATIVE SERVICE OFFICE Research Memorandum NON-FUNGIBLE TOKENS (NFTS) BACKGROUND May 2021 by Clarissa Nord, Associate Research Analyst Elliott Browning, Staff Attorney This research memorandum provides background information regarding non-fungible tokens (NFTs) and further identifies the relationship between trademark registration and NFT ownership. An NFT is a digital representation of a unique asset that cannot be exchanged for another asset of equal value. NFTs can represent a wide range of tangible and intangible goods such as art, collectible sports cards, tweets, gifs, music, property in the virtual world, or ownership records for physical assets.1 Each NFT is individually recorded and authenticated through a public blockchain, like a cryptocurrency transaction, permitting individuals to purchase, sell, or trade the digital good.2 This system makes it difficult for others to falsify or modify the asset but easy to authenticate ownership.3 NFTs differ from other crypto assets in that cryptocurrencies are easily interchangeable and divisible where NFTs are distinctive, one-of-a-kind goods that sellers or buyers cannot replace with another identical item.4 This difference raises the issue of fungibility. A fungible commodity or good is something that is exchangeable with other units of the same kind. Examples of fungible assets in the finance realm include physical currencies, as well as cryptocurrency such as Bitcoin and Ethereum. A non-fungible asset refers to something that is unique and irreplaceable, like a house or used car. In the first quarter of 2021, NFT technology gained heightened attention from crypto, financial, and mainstream media, with trading volumes (peer to peer sales of NFTs) increasing over 25 times 1 Ollie Leech, “What Are NFTs and How Do They Work?,” CoinDesk, March 23, 2021. 2 Jennifer Hahn, “NFTs Will Usher in a ‘Creative and Artistic Renaissance’ Say Designers,” Dezeen, April 19, 2021. 3 Christine Kim, “Q1 2021 Industry Trends: NFTs Rise to Fame, DeFi Consolidates 2020 Gains,” CoinDesk, April 21, 2021. 4 Devin Finzer, “The Non-Fungible Token Bible: Everything You Need to Know about NFTs.” OpenSea blog. OpenSea, January 11, 2021. PAGE 1 21RM009 • LSO RESEARCH AND EVALUATION DIVISION • 200 W. 24th Street • Cheyenne, Wyoming 82002 TELEPHONE 307-777-7881 • EMAIL lso@wyoleg.gov • WEBSITE www.wyoleg.govPDF Image | NON-FUNGIBLE TOKENS (NFTS) background
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CONTACT TEL: 608-238-6001 Email: greg@infinityturbine.com (Standard Web Page)