Non-fungible tokens (NFTs) are now a multibillion-dollar
industry but having largely been driven by the initial hype
surrounding digital ownership, catalysed by global digitisation as
a result of the pandemic, NFTs have been dropping in
value.
Is this an irreversible drop or will the NFT market begin to
emulate that of cryptocurrencies? Arthur
Caplin, a solicitor in law firm
BLM's Commercial Advisory and Private Wealth
team, discusses the soaring value of the NFT market and the legal
and regulatory challenges that could either send the market soaring
higher, or bring it swiftly back to the ground.
Over the last couple of years,
non-fungible tokens (NFTs) have seen a meteoric rise in
popularity and notoriety, slowly solidifying itself in the
zeitgeist. They have gone from being unknown mysteries to lucrative
items that everyone wants a piece of. With some
spending millions on NFTs, such as the $69.3million sale of
Beeple's The First 5000 days, is this
