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since December 2020, and valuations over $2 billion for certain marketplaces.5 Some suggest tokenizing everything might create some initial hype, but others maintain NFTs are the future of the decentralized finance industry and may represent assets that have long-term value.6 See Appendix A to view NFT trading volumes from October 2020 to March 2021. NFT TECHNOLOGY Prior to the development of NFTs, other types of non-fungible assets existed on the internet such as domain names, digital event tickets, frequent flyer miles, and video game items. Traditionally, buyers purchased digital assets on closed platforms, such as a video game where someone buys a particular gear set or outfit, but that asset is not easily transferrable to another game or marketplace. Blockchain facilitates an open platform or ecosystem for the transfer of digital assets from one person to another and further provides a “coordination layer” for digital assets, giving users both ownership and management permissions. 7 To comprehensively understand NFT technology, it is first essential to have a high-level awareness of blockchain technology in general. The essential premise underlying blockchain is that it is a particular database structure that stores data in blocks that are linked together, and it contains a ledger of time-stamped information. Blockchain is particularly innovative because the ledger is distributed among many different computers connected to the same network, which is significant as the ledger exists in many interconnected copies. Developers have based financial structures on distributed ledgers to incentivize people to maintain the ledger through a consensus mechanism. The people who track the ledgers solve computing puzzles and receive cryptocurrency in return. While the details of blockchain technology are far more complex, blockchain fundamentally is a method of relaying knowledge through time-stamping mechanisms and trust is enabled through a distributed system rather than a sole, central authority. 8 Significance of Tokens A token can depict any asset or good that is digitally transferable between two people.9 Tokens also illustrate ownership of something for a particular user, and this application establishes the foundation for NFT technology.10 NFTs exist on a blockchain by developers tokenizing or “minting” NFTs to create a certificate of ownership that original creators can sell across open platforms.11 The Ethereum blockchain is the most popular network that enables NFT technology and Ethereum makes NFTs highly valuable in that transaction history and token metadata is 5 Ibid. 6 “DappRadar: Dapp Industry Report Q1 2021,” CoinDesk (DappRadar, April 17, 2021). 7 Amy Whitaker. “Art and Blockchain: A Primer, History, and Taxonomy of Blockchain Use Cases in the Arts.” Artivate: A Journal of Enterprise in the Arts 8, no. 2 (2019): 21–47. 8 Ibid. 9 “What Is a Token?,” (Coinhouse, 2021), accessed May 3, 2021. 10 Ibid. 11 Ibid. 21RM009 • LSO RESEARCH AND EVALUATION DIVISION • 200 W. 24th Street • Cheyenne, Wyoming 82002 TELEPHONE 307-777-7881 • EMAIL lso@wyoleg.gov • WEBSITE www.wyoleg.gov May 2021 • PAGE 2 OF 9PDF Image | NON-FUNGIBLE TOKENS (NFTS) background
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