Protecting your NFT personal property rights

With an astounding $17.7 billion in sales in 2021 alone, the non-fungible token (“NFT”) has recently undergone a dramatic rise in prominence in the cryptoverse, similar to the “crypto summer” of 2017-18 or the “DeFi summer” of 2020. Although NFTs have been around since 2014, this asset class has only just experienced its first and quite remarkable outgrowth, thus staking its claim in the broader blockchain industry. However, the NFT’s meteoric growth should also foster thoughtful discussion about its underlying technical and legal status as property. Unfortunately, owners of most NFTs are vulnerable to being dispossessed of them, which undermines their very nature as an asset class. This is not only a future threat, it is already happening. Throughout this blog I present this issue through a legal lens, offering guidance and possible solutions to the industry.

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