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ARTICLE · 09 MARCH 2022

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The Tea On NFT's, IP And Web 3

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NFT is an acronym for "non-fungible token". Simply put, an NFT is a digitally stored asset in which the subject can vary from art to music and all forms of media in-between.

South AfricaIntellectual Property
Darshan Moodley
Darshan Moodley
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In a contentious shift towards a decentralised "Web3", NFTs have been all the craze of late.

NFT is an acronym for "non-fungible token". Simply put, an NFT is a digitally stored asset in which the subject can vary from art to music and all forms of media in-between. The co-founder of Twitter has gone so far as to "mint" (create) an NFT of his first-ever tweet, selling it for a staggering amount of more than U$ 2.9 million.

At their essence, NFTs are tokens used to represent ownership of digital assets. NFTs are underpinned by blockchain technology, generally Ethereum blockchain. Blockchain is a digital ledger/record of transactions and, in the context of NFTs, records transactions involving the purchase and re-sale of NFTs from their minters to purchasers.

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