If you’ve been paying any attention to the latest cryptocurrency news and even if you haven’t you’ve probably heard something about the new NFT craze that has been sweeping the space. NFTs are “non-fungible tokens” that are stored on a blockchain and are used to represent anything from artwork to music to digital NBA trading cards. While the image or song or trading card may still be digitally reproducible elsewhere, the novelty and value provided by NFTs are that they connote proof of ownership of the unique asset represented by the token. With this trend heavily influencing the cryptocurrency landscape over the past few months, many people were shocked to learn that one project was minting what Billboard referred to as “NFTs for people.”
This post was originally published on the Cardozo Arts & Entertainment Law Journal website on April 12, 2021. The original post can be accessed via the Archived Link button above.
Wohlhieter, Brian, "BitClout: Decentralized Social Media or NFTs for Celebrities?" (2021). AELJ Blog. 283.