Joel Simon: Our discussion today is part of a series on non-fungible tokens, known as NFTs. We will take a look at some specific issues that are somewhat unique to NFTs, and try to give you, our listeners, some interesting things to watch out for as you wade into this relatively new space. Carolyn, with the large sums of money involved in many NFT transactions, due diligence and proper transaction execution must be critical factors, yet I’ve heard about buyers getting tripped up on things that, once you hear about them, seem obvious. Can you shed some light on this for us?
Just as video killed the radio star, so did the digital transformation kill (or at least convert) traditional media. While “going digital” became the bane of many traditional media companies that struggled to make the leap to an online world, NFTs may be the digital savior that some of these companies need. Imagine that you are a company with a known brand and sizeable catalog of media with potential historical and cultural significance. Yet, you’ve found it difficult to monetize these assets in a world that abhors paywalls and often takes an overly broad view of what constitutes “fair use.” If only there were a way to highlight the unique significance of these assets and tap into the latent collector in all of us. Anyone who follows us already knows that NFTs can serve this very function.