Unlocking the Functionality of Digital Assets: Spotlight on NFTs

Aaron Powers, co-founder and CEO of Hunit and Roger James, a media executive, joined us to discuss unlocking the value of Non-Fungible Tokens (NFTs). These digital assets/objects are unique inside a digital world, they are not copy-able, and they enforce scarcity. They are a string of code on the blockchain that contains the metadata around the owner, purchase/sale transactions, value of transaction, etc. which helps in establishing provenance of the digital asset. They allow artists to directly communicate with their fans without the need for the middleman and thus opening the door for their fans to become part of their ‘digital tribe’. The tradeable nature of NFTs opens up secondary markets which helps unlock the value for content creators, artists, etc. Smart legal contracts have a key role to play in managing how NFTs function.