Law360 (April 20, 2021, 4:48 PM EDT) — A nonfungible token, or NFT, is a unique digital token that acts as a nonduplicable digital certificate of ownership for essentially any kind of asset — including music, tickets and fan merchandise. Most NFTs use the Ethereum blockchain to record transactions.
NFTs are recorded on a public digital ledger the same way that crypto coins are, but the two are not alike. NFTs are nonfungible and unique — they cannot be replaced or replicated — whereas crypto coins are fungible, meaning that every Bitcoin or Ether is interchangeable with another.
So what exactly is an NFT asset? In the last few…
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