Non-fungible tokens (NFTs \u2013 digital assets which are not traded on exchanges, but instead are tokens which represent the ownership of a digital file (for example, a photo or digital art)) have exploded onto the digital asset \u2018scene\u2019 over the last 18 months or so.\u00a0 They are generally (but not always) built on the Ethereum blockchain.\u00a0 NFTs are bought and sold using cryptocurrency, but not traded on exchanges. Instead, they are purchased through specialist third party auction sites or sold\/transferred privately.<\/p>\n
The speed of mass NFT adoption has created significant opportunity (in the wake of the increase in value of NFTs, and also allowing content creators to monetise their services by tokenising art and music) but also exposed potential for the system to be exploited.<\/p>\n
To read the full text of this blog post by Duane Morris attorney\u00a0Chris Recker<\/a>, please\u00a0visit the\u00a0Duane Morris London Blog<\/em><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Non-fungible tokens (NFTs \u2013 digital assets which are not traded on exchanges, but instead are tokens which represent the ownership of a digital file (for example, a photo or digital art)) have exploded onto the digital asset \u2018scene\u2019 over the last 18 months or so.\u00a0 They are generally (but not always) built on the Ethereum … <\/p>\n