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Non-fungible tokens (“NFTs”) have created headlines around the globe with the recent sale of a digital artwork in the form of a NFT by Beeple for $69,000,000. The NBA Top Shot shop has sold over $230 million worth of videos in the form of “Top Shot” NFTs. Recently, Mike Shinoda, the musician and co-founder of the band Linkin Park, launched an auction on Rarible for “Zora,” a NFT audio clip from a new song. NFTs are a form of token on the blockchain that permit the sale of “limited” editions of art from images to videos to music. The technology permits sports teams, game developers and other content owners to create unique digital assets which become collectibles. And it could also revolutionize the market for creative works from songs to paintings by enabling artists to sell directly to their customers and, potentially, share in the proceeds of resales of the work. However, this market raises many new issues from what “ownership” of an NFT means to the consumer protection issues.
Lewis Cohen of DLx Law LLP, Mark F. Radcliffe of DLA Piper LLP (US) and Olta Andoni of Nifty's, Inc. will discuss:
- Recent developments in the NFT market (10 minutes);
- Can a NFT be a security? (15 minutes);
- What does “ownership” of a NFT mean? (10 minutes);
- How does Article II and consumer protection laws apply to NFTs? (10 minutes); and
- What is the future of this market? (15 minutes).