NFTs May Come With Rewards, But Also Legal RisksJuly 22, 2021 – Law360
When digital artist Beeple's "Everydays: The First 5000 Days" sold at Christie's International PLC for $69.3 million in March, nonfungible tokens, or NFTs, officially became the art market's newest bright shiny object.
The auction houses responded enthusiastically: Sotheby's and Phillips Auctioneers LLC announced their own upcoming NFT sales, and Christie's doubled down, including a CryptoPunk NFT in its marquee May evening sale that sold for $16.9 million.
Buyers who entered the NFT market early are experiencing enormous returns on their investments. But those who are entering the market now with the expectation of quick and substantial profits should proceed with caution, and be sure to understand and be comfortable with the risks of buying and owning NFTs.
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