Over the past several years, non-fungible tokens (NFTs) have begun to gain in popularity as an emerging technology and, most recently, have been featured heavily in the news. The term refers to units of data stored on a digital ledger (i.e., blockchain) that certify a digital asset to be one-of-a-kind, distinct from any other NFT, and therefore not interchangeable (unlike bitcoin and other cryptocurrencies, whose units are meant to be interchangeable). NFTs can be used to create and transfer unique items such as photos and drawings, videos, audio, and other types of digital files and collectibles. As an emerging technology, there are business and legal implications for many industries including entertainment, sports, music, art, fashion, and real estate, among others, which has led Foley’s clients to become increasingly active in the NFT space.
In response, Foley has formed a multi-disciplinary NFT Task Force comprised of attorneys who are actively engaged in guiding businesses through their emergent needs in such areas as:
Our representative experience includes:
The team is also focused on providing frequent updates on the evolving NFT landscape by producing cutting-edge thought leadership in the form of blog posts, published articles, podcasts, and webinars, including:
We look forward to continuing our work with clients in this exciting and evolving NFT space. For questions or more information, please contact your Foley attorney or one of the following NFT Task Force leaders listed below.