In an article published in Décideurs Magazine, Caroline Goupil, Associate Partner Lawyer and Manon Zaoui, Associate in the IT / Data department decipher the development and success of NFT (non-fungible token) and why legal professionals should be interested in it?

The year 2021 has, like previous years, been remarkable for blockchain. The major cryptocurrencies have seen their prices explode, but what has certainly stood out this year is the NFT craze. The singular characteristics of NFTs promise them a bright future given the many possible use cases.

The success of NFTs (non-fungible tokens) is due to their characteristics which make their use very promising. First, an NFT has the advantage of being a unique intangible asset representing, in digital form, one or more rights. Unlike cryptocurrencies which are fungible (one bitcoin has the same value as another bitcoin), an NFT is not fungible and therefore not equivalent to any other NFT. The NFT therefore introduces scarcity into the digital world. It also has the advantage of being issued and managed on the blockchain, which allows it to benefit from a technology that has no controlling body, and is therefore totally transparent and difficult to falsify.

Read the article here