How Nonfungible Tokens Could Disrupt The Legal Landscape

By Ali Dhanani and Chris Sabbagh (March 22, 2021, 3:54 PM EDT) -- When a virtual car sells for more money than most real, material cars, is it a sign of a bubble or a lucrative new industry?

In late 2020, a digital car sold for approximately $77,000.[1] And that was just the beginning; The digital collectible market has exploded in recent months, with several pieces selling for more than $1 million.[2]

The technology that enables these collectibles is called a nonfungible token.[3] NFTs are similar to traditional cryptocurrency tokens like Bitcoin and Ether. They are digital assets, they exist on a blockchain, they hold value and they can be purchased.[4]

Unlike traditional crypto...

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