The Turkish Technology Ecosystem: A Look Into NFTs Under Turkish Law

In this second article of our series on the Turkish technology ecosystem, we are taking a deep look into NFTs from a legal perspective.

We have all heard a lot about Non-Fungible Tokens ("NFTs") in recent years and mostly associated with modern pop and artworks of famous artists, such as the US$69.3m sale of Mike "Beeple" Winkelmann's Everydays: the First 5000 Days, the US$23.7m sale of Cryptopunk's #5822, the US$2.9m sale of Jack Dorsey's first Tweet, etc. But, most of us are wondering what the function of an NFT is and how it differs from other tokens?

From a technical perspective, NTFs, mostly operating within the Ethereum Blockchain under two main standards called ERC 721 or ERC 1155, are defined as cryptographic assets minted on a blockchain with unique identification codes and metadata that distinguish them from each other. Hence, they are interchangeable and unalterable tokens which differ from fungible tokens, like cryptocurrencies, as they cannot be