NFTs, legally speaking, are useless

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Editor's note: Blockchain is now the Web 3.0 solution to tackle all of our problems. But you already know that. A bundle of rights, freely transferable—what’s not to like? Blockchain is perfect, a truly immutable ledger that speaks to power. And it is heartening to see that it is finally getting its moment in the sun. But for every new technology that promises to transform the world, there are always fly-by-night opportunists working in the shadows, ready to prey on the unsuspecting investor. Remember the coin issuance fad? At one point, they were threatening to replace shares and stock. And quite a few sophisticated investors were duped into having “coins” issued to them at high valuations just because they were equity shares on the blockchain (yawn…). As things stand now, many people have missed the cryptocurrency bus. We are now in a world of scavenging investors and innovators scraping the blockchain barrel. Non-fungible tokens, or NFTs, as of today, are scraping the bottom of this barrel. The NFT wave Here’s the question: are NFTs more like, say, Bitcoin—actual innovation, solving a problem …