What Is an NFT?ДЄ number of public blockchains, starting with Ethereum in late 2017 but now including other blockchains (notably, Flow), have promulgated a standard for creating tokens on the respective chain that by contrast with standard cryptocurrencies are non-fungible. One of the key questions, especially for anyone focused on the legal issues raised by NFTs, can be posed in simple terms: What does a purchaser really own when he or she buys an NFT?

Just as with any other white-hot tech innovation, when the dust settles there will be aspects of NFTs that become ubiquitous as we move forward, but some promises around this new form of digital collectible will prove to have been illusionary. Other NFTs, such as one based on Jack Dorsey's first Tweet, are selling for millions as well, and there is an active secondary market for some NFTs which can drive prices up quickly after the initial sale. On March 11, 2021, an NFT associated with a piece of digital art sold at auction at Christie's for $69 million. Non-Fungible Tokens, or NFTs, are currently in the midst of the type of hype-cycle last seen in the blockchain/crypto world when Initial Coin Offerings were all the rage.

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