In recent weeks, NFTs (Non-Fungible Tokens) started to increasingly occupy the public based on news that the mass media released in a number of countries. What are NFTs? In short, they are digital assets (works of art, music, and social media posts, among others) currently existing or to exist in the future.
For a graphic explanation, we hereby quote Martina Rúa, a journalist at the Argentine newspaper La Nación, who described some recent creations:
“During the last Grand Slam in Australia, fans had access to purchasing significant score shots of the game. Australian Open (AO) organizers created a market called AO Art Ball, based on a collection of 6776 NFT art balls auctioned on the Open Sea platform, the great global NFT marketplace. Through a tweet, Julian Lennon, son of Beatle John Lennon, announced an NFT auction of a number of rare objects from his personal collection. Though he will keep the physical objects, he is offering the “virtual twins” of the original music notes that Paul McCartney used in composing Hey Jude, and of the black cape worn by John Lennon in the movie “Help!”, of the cryptographic certificates of three Gibson guitars owned by Lennon, or of the coat his father wore for the film Magical Mystery Tour, all represented with values between 4 and 30,000 Dollars as the base for the virtual auction. And what about Messi? Of course, there is a Messiverse, where he displays his NFT world, just like Cristiano Ronaldo and tens of other athletes competing in the main sports disciplines. Fan tokens are already present in close to forty soccer clubs, including Barcelona and Atlético Madrid. When they have reached possession of these virtual assets through the app, fans become entitled to special benefits in interactions with their teams and decisions made within those organizations.”
At Untitled, we have always worked towards protecting our clients’ digital assets and crypto assets, and even legally structure the NFTs that our clients plan to launch through various providers. This issue was addressed by Daniela Baldovino, Global Head Corporate & Funds at Untitled, in an interview with Forbes magazine.
“These assets come along with their own set of risks and specific considerations in what concerns their preservation, protection, transactional costs, and the possibility for legacy as part of, for example, an inheritance,” she explained. Read the whole interview at this link, or contact our team regarding any doubt you may have in relation to the protection of digital assets.