This potential to tokenize anything and provide a way to transfer ownership of digital assets to holders has led to a surge in interest regarding NFTs.

Non fungible token law. A topic at the edge of intellectual property IP law is the ambiguous relationship between non-fungible tokens NFTs and copyright law. Conversely non-fungible tokens are tokens which are not freely interchangeable because they are unique ie. In search of a unique and rare token Dieter Shirley invented an NFT standard ERC-721 in September 2017 thus democratising this new type of non-fungible blockchain token.

NFTs are a method of tokenising an asset where a token is a digital unit of value recorded on a blockchain. But behind the hype news stories and media attention. In the ensuing period NFTs.

In this respect an NFT. NFTs are used to certify a unique digital asset and can be used to identify an owner or act as proof of ownership of the underlying digital asset. NFTs non-fungible tokens have become an unlikely innovator in the art world.

NFTs are unique cryptographic tokens stored on a decentralized blockchain that are capable of representing ownership of goods most commonly digital artworks on which this article will focus. On the other hand there is a need for tokens that are non-fungible in the gaming industry. For instance a DLT could represent.

Like a cryptocurrency it can be used on applications supporting the aforementioned tokens and can be stored in a wallet. Revolution of art or art of marketing. Non-fungible tokens on the other hand are non-divisible and distinct from other non-fungible representations of a digital or physical asset.

What is a Non-Fungible Token. Similarly non-fungible tokens can be distinguished from fungible tokens which can be replaced by an equivalent token and whose value can be exchanged. Each unit is identical in nature and value.