In case you missed it, below are recent posts from Consumer Privacy World covering the latest developments on data privacy, security and innovation. Please reach out to the authors if you are interested in additional information.
The Federal Trade Commission (“FTC” or “Agency”) recently indicated that it considers initiation of pre-rulemaking “under section 18 of the FTC Act to curb lax security practices, limit privacy abuses, and ensure that algorithmic decision-making does not result in unlawful discrimination.” This follows a similar indication from Fall 2021 where the FTC had signaled its…
The buzz surrounding non-fungible tokens (NFTs) reached a fever pitch with the US$69 million sale of an NFT by digital artist Beeple in March 2021. While artwork has remained the predominant use of NFTs – and generated a good deal of media hype along the way − companies across a variety of industries are coming up with new and innovative use cases for NFTs – and turning to our multidisciplinary global team for guidance in the uncharted territory surrounding these digital assets.
First: What Is an NFT?
NFTs are unique tokens based on blockchain technology. Unlike cryptocurrency tokens such as bitcoin, which are fungible, NFTs are digitally unique – no two NFTs are alike. The unique nature of NFTs, as well as the security and other advantageous features of blockchain technology, provide a number of unique benefits, including:
- Verification of ownership and authenticity
- Driving of value of digital assets through scarcity
- Built-in smart contracts for re-sale royalties for artists and other NFT creators
- Decentralization of digital asset ownership, management and transfers (in other words, independence from large platforms)