That note on NFTs that got turned into an NFT, written by lawyers interested in NFTs

What on earth is an NFT?!

We suspect that if you’re reading this, then you’ve probably at least heard of Bitcoin or Ether before.

What about tokens? Somewhere across the internet (or life, but probably the internet) people may have used the term ‘token’ to describe cryptocurrencies like Bitcoin and Ether. It’s understandable — but it’s not strictly true as there are some differences between tokens and cryptocurrencies like BTC and ETH.

Popular cryptos such as BTC and ETH run on their own blockchain. Conversely, tokens are native currencies which are created/distributed as part of projects which piggyback off another blockchain. Those projects effectively use that particular blockchain as a host instead of running off its own mainnet. Oh, and it’s important to remember that tokens issued on the blockchain are digital representations of a wide range of assets — you can’t physically touch these assets because they live in the digital world. In fact, cryptos like BTC and ETH are exactly the same. But you already knew that.

The Ethereum blockchain is a real hotspot for these types of projects: Dapps (or if you’re really mad at it you can call it by its full name, distributed apps).

You may have heard this one really cool feature of blockchain tech — that it provides real transparency over the process of recording transactions. We say real transparency…