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assets.22 Prior to the establishment of NFTs, artists and other creators had no way of validating their original product and they were not getting paid for the distribution of their content.23 Others participate in the NFT industry to simply acquire ownership of something they are subjectively interested in, while some find it as a way to support artists of all types and engage in a different mode of creation and innovation. Additionally, people find NFTs appealing as they represent new investment opportunities and business models.24 One important concept to note regarding NFT ownership is when someone purchases an NFT, they purchase the token or code independently from the actual digital asset the creator linked to the NFT.25 The cryptographic code for the NFT does not necessarily constitute the transfer of rights or obligations for the asset, depending on the contract between the creator and collector.26 For some digital collectible items, the purchase of an NFT results in the ability of the collector to obtain a limited license to use, copy, and display the items associated with the NFT for personal, non- commercial use only.27 Additionally, anyone can still view, copy, and download video clips or image files of an NFT. The NFT is exclusively a record demonstrating the item has one owner and does not restrict a third party from making a copy of the asset.28 Moreover, in some situations original content creators can claim resale royalties directly whenever someone sells the NFT.29 NFT MARKETPLACES NFT marketplaces provide opportunities for content creators to sell their NFTs to potential buyers by producing a unique digital token and preserving it in a digital locker or wallet.30 Popular NFT marketplaces include Nifty Gateway, OpenSea, SuperRare, NBA Top Shot, and Rarible.31 Each NFT marketplace uses different technology to authenticate, promote, and sell tokens. OpenSea launched in 2017 and was the first open marketplace for digital assets. It is also currently the largest decentralized NFT marketplace that offers trading through smart contracts.32 In the first three months of 2021, the NFT market generated approximately $1.5 billion in transaction volume, with the largest contributors being NBA Top Shot, CryptoPunks, and OpenSea.33 22 “Beeple's Masterwork: The First Purely Digital Artwork Offered at Christie's: Christie's,” Beeple: A Visionary Digital Artist at the Forefront of NFTs Christie's, March 11, 2021. 23 “CoinDesk Quarterly Review 2021 Q1,” CoinDesk (CoinDesk Research, April 3, 2021). 24 Ibid. 25 Lance Koonce and Sean M Sullivan, “What You Don't Know About NFTs Could Hurt You: Non-Fungible Tokens and the Truth About Digital Asset Ownership,” Davis Wright Tremaine, March 24, 2021. 26 Ibid. 27 Ibid. 28 Ibid. 29 “Non-Fungible Tokens (NFTs),” Ethereum, April 26, 2021. 30 Christine Kim, “Q1 2021 Industry Trends: NFTs Rise to Fame, DeFi Consolidates 2020 Gains,” CoinDesk, April 21, 2021. 31 Elena Martinique, “8 NFT Marketplaces To Be Familiar with Right Now,” Widewalls, March 29, 2021. 32 “CoinDesk Quarterly Review 2021 Q1,” CoinDesk (CoinDesk Research, April 3, 2021). 33 “DappRadar: Dapp Industry Report Q1 2021,” CoinDesk (DappRadar, April 17, 2021). 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 4 OF 9PDF Image | NON-FUNGIBLE TOKENS (NFTS) background
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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
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... 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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