The fleeting non-fungible token (NFT) craze showed that some people are willing to pay vast amounts of money for digital assets that are not guaranteed to retain their value.
These digital entries are stored on a blockchain and allow buyers to prove that they are legitimate ‘owners’ of some underlying asset or right.
While NFTs don’t grant copyrights, NFT owners are ‘rights’ holders in a sense, although the specifics may vary from project to project based on the fine print.
Corporate and Government Interest
In recent months interest in NFTs has waned, with some early adopters finding themselves heavily in the red thanks to their purchases. While some of these NFTs are bound to become irrelevant, the underlying technology has plenty of potential.
Many of the largest companies in the world acknowledged the opportunities and embraced NFTs. Major brands such as Coca-Cola, Disney, Nike, and Ubisoft were quick to jump on the bandwagon, for example.
Interest is in large part…