What to Know When Starting an NFT Marketplace

Legal Current

Non-fungible tokens (NFTs) are the hot craze. While the initial coin offering ("ICO") craze of 2017-2018 fizzled out in the face of government enforcement actions, a resurgence in the global market for bitcoin and the new category of NFTs is fueling a new boom in digital assets as mainstream interest increases. Recently, Christie's became the very first major auction house to offer a fully digital work. Internet celebrity Logan Paul made over $5 million selling NFTs. Musician Post Malone invited fans to play beer pong with him if they bought an NFT.

Thomson Reuters recently hosted a two-day conference discussing risks and rewards for digital assets such as cryptocurrencies and NFTs.

Louis Lehot of Foley & Lardner discusses some common legal considerations when launching an NFT marketplace, including documentation you need, intellectual property and other legal considerations, as well as overarching legal implications of this new technology.