How much do you know about NFTs? It’s a rapidly-evolving technology but you may not need excessive technical or programming knowledge to be able to assist clients on cryptoassets
In this week’s NLJ, Nicholas Towers, barrister at Selborne Chambers, provides a ‘gentle introduction’ to the concept for lawyers in the context of interim injunctive relief.
He gives easy to understand explanations and looks at some recent cases. For example, ‘What is essential to understand is that a cryptoasset like Bitcoin is not controlled by a single entity, but instead exists through a huge global network of independent operators who neither know nor trust each other.
‘This means that an individual Bitcoin transaction cannot be censored unless at least half of that global network agrees, which for practical purposes will never happen.’
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