Lexicon Brand Manager Lauren Hoffmann is the host of The LeXFactor Briefs, looking at what’s making news in the legal industry. In this episode, Lauren and co-host Brad Paubel, Lexicon’s chief information officer, address the latest crypto-currency craze as litigators are keeping a close eye on this subject. Buyers of nonfungible tokens are ready to pay hundreds of thousands of dollars, maybe even more, but when disputes develop, litigators said there will be little to no case law as precedent.
Nonfungible tokens (NFTs) are digital files on blockchain that show who owns a unique piece of digital content. The technology allows the minting of that digital content on the file. These products have become widely popular, catching litigators’ attention. Some lawyers are saying the popularity of NFTs has led to speculation whether this technology will bring a high return on investment.