‘Nonfungible Tokens Are Garnering Millions of Dollars, But Where Does Their Value Come From?’

“Where does the underlying value of an NFT come from? The issue is that perceptions of what the buyer is paying for are not easily framed in legal terms. NFT marketplaces do not always accurately describe the value proposition of the goods they are selling. The truth is that the value of any NFT is speculative. Its value is determined by what someone else is willing to pay for it and nothing else. Turning something as ephemeral as a tweet into an item that can be sold requires two things: making it unique and proving ownership …” (more)

[Dragan Boscovic, The Fashion Law, 28 March]

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