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ARTICLE · 28 MAY 2021

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Creators' Paradise: Non-fungible Tokens

Khurana & Khurana, Advocates and IP Attorneys
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Non-Fungible Tokens (hereinafter, NFTs) have seen a meteoric rise in their usage and have been linked to all types of creative works such as photographs, tweets, music albums, and other varied digital media.

IndiaTechnology
Kushagra Jain
Kushagra Jain
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Introduction

Non-Fungible Tokens (hereinafter, NFTs) have seen a meteoric rise in their usage and have been linked to all types of creative works such as photographs, tweets, music albums, and other varied digital media. Garnering such stature, with an NFT for an animated GIF selling for more than $500,000, an NFT for digital art snapping up a whopping $69 million, and the auction of Jack Dorsey's first-ever tweet cumulating for $2.9 million, it is pertinent to understand and evaluate the subject.

It is observed that NFTs are blockchain transaction records that allow people to exchange possession of digital entities like memes, media, tweets, arts, and articles in a 'token' type. These transaction documents are stable, have been checked several times, and cannot be deleted or modified because NFTs are backed by blockchain. Each non-fungible token has a distinct identity. As a result, no two digital entities will share a token. An NFT is simply a digital Creators'

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