Mitch Glazier Guest ColumnistNon-fungible tokens (or NFTs) have exploded in popularity, with everything from digital artwork to basketball highlights being minted to the blockchain.
It’s exciting and full of promise and opportunity — but unfortunately also a fast-moving vector for new forms of fraud and misuse.An NFT is a unit of data recorded on an infinite digital ledger — a blockchain.
When an NFT is minted, its ownership is recorded and can then be tracked with subsequent blockchain entries if it is transferred or sold.
NFT advocates see the promise of new markets for “one of a kind” digital items and properties.But if that is going to happen, consumers need to be protected and basic legal rules of the road — like copyright, trademark, protection of name, image and likeness, and fair competition – must be followed.
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