NFT stands for non-fungible token. An NFT is unique and publicly identifiable on a blockchain. NFTs can exist on different blockchains, decided by the original creator. Since each NFT holds its own value, they can't be exchanged for one another like other cryptocurrencies. For example, Bitcoin or Ethereum are fungible. You can trade one Bitcoin for one Bitcoin or one Ethereum for one Ethereum and you will have the same thing. Something like a house, however, is non-fungible. If you trade it for another house, you will have something completely different. NFTs act more as a form of authentication than a form of exchange. Think of them as a digital version of a certificate of authenticity, represented on a blockchain.
Although NFTs have primarily been used for collectibles, art, gaming and virtual worlds, these are early applications. There are many potential real-world business and personal uses. Some of these include personal identity management and certification of documents.
NFTs offer the technology to tokenize documentation such as academic certificates, licenses, and other qualifications as well as medical records, property titles and deeds.
We are often asked about the business applications of NFTs, whether an NFT lawyer is needed to assist with the process of minting and auctioning NFTs and what current areas of the law may apply to the NFT industry. Without a doubt, intellectual property law such as copyright law and trademark law are of great importance and an area that TJ Mihill addresses daily.
If you have an interest in NFT minting or NFT laws, feel free to contact TJ Mihill for a free consultation.
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Thomas J. Mihill serves clients throughout metro Atlanta and North Georgia, including many in Fulton County, DeKalb County, Fayette County, Coweta County, Clayton County, Cobb County, Douglas County, and cities such as Sandy Springs, Marietta, Alpharetta, Newnan, Peachtree City and Lawrenceville.
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