“Bitcoin NFTs raise unique legal issues. Here’s what you need to know”June 5, 2023
In an article published on Forkast and Yahoo! Finance on June 5, Partner Cameron Pick discusses to the differences between Bitcoin and smart-contract NFTs, and the legal ramifications of those differences. “For example, Bitcoin NFTs improve upon smart contract platform NFTs by including the digital artifacts directly on the blockchain rather than including a reference or pointer to the digital artifacts,” explains Cameron. “Because the Bitcoin blockchain is immutable, the digital artifacts stored on the Bitcoin blockchain are likely to remain on the blockchain forever unchanged. Bitcoin NFT owners do not have to worry about a centralized entity taking down or altering the digital artifacts so that they no longer have proof of ownership of the original.”
Access the full article “Bitcoin NFTs raise unique legal issues. Here’s what you need to know” via Forkast and Yahoo! Finance, and learn more about Marshall Gerstein’s Blockchain & Cryptocurrency practice.