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ARTICLE · 08 FEBRUARY 2023

Part 2 – Non-Fungible Tokens (NFTs)

Shepherd and Wedderburn
Shepherd and Wedderburn
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NFT stands for ‘non-fungible token.' It is a type of crypto-asset which is connected to or represents an associated asset – this will usually be a digital asset. The most common association...

United KingdomTechnology
Joanna Boag-Thomson
Joanna Boag-Thomson
Rachael Brooks
Rachael Brooks
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What is an NFT?

NFT stands for 'non-fungible token.' It is a type of crypto-asset which is connected to or represents an associated asset – this will usually be a digital asset. The most common association with NFTs is digital artwork, with a well-known example being of the Bored Ape Yacht Club Apes. Whilst less common in practice however, NFTs can also be linked to any physical asset which is capable of being represented digitally (such as clothes or a painting). In October 2022, artist Damien Hirst made headlines around the world by telling the purchasers of artwork from his latest collection that they had to choose either the physical artwork or the NFT representing it. He stated that "the value of art...will be transferred to the NFT as soon as they are burnt." NFTs have no tangible form of their own and only exist online. They can be bought and sold in this sphere, usually via cryptocurrency.

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