Credit: Maksym Yemelyanov/stock.adobe.com Legal Issues Arise as Tangible Assets Acquire Internet Identities
A 'non-fungible token' is a crypto asset that represents or points to an asset that is either digital or physical. NFTs for tangible assets give rise to a range of novel liability questions and associated costs.
November 01, 2021 at 10:00 AM
8 minute read
Midwest Tungsten, a supplier of metal for industrial uses, recently paired a blockchain with a 14.545-inch, 2,000-pound cube of tungsten to produce a non-fungible token (NFT). Assets that are digitally transferrable between two parties via blockchain are commonly referred to as "tokens." An NFT is a crypto asset or "token" that represents or points to a physical or digital asset such as art, videos, land or, in this case, a cube of tungsten. NFT for tangible assets give rise to a range of legal liability issues including those related to asset storage, transfer, visitation rights (in the case of tangible NFTs), privacy rights, as well as related costs.
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