By Edmund P. Daley, Cory S. Flashner, Frank L. Gerratana
The “flash” that made so many focus on NFTs was unquestionably the novelty of using this emerging blockchain technology to transact digital art and collectibles. New markets for transacting these digital images seemed to spring up overnight.
Just as the masses were drawn to NFT communities like the Bored Ape Yacht Club and CryptoPunks, the legal world also took notice started exploring novel NFT-related legal issues.
This early analysis was a helpful introduction, but much of it assumed that NFTs were simply the digital images and collectibles that gave this technology notoriety. What this early analysis failed to appreciate was that innovators in the NFT space were quietly expanding this new blockchain technology.