It seems that everyone — from corporate behemoths like Visa (NYSE:V) and Anheuser-Busch to socialite Paris Hilton and NBA legends Michael Jordan and Kevin Durant — has recognized the growing importance of nonfungible tokens (NFTs) for the 21st-century economy.
World-renowned artists, athletes and musicians have been cashing in on the craze, lending legitimacy to this new use of technology that allows for ownership of a wide array of digital assets. But the true test of this innovation will not be how it helps the wealthy perpetuate their positions of power, but rather how NFTs can promote human rights and other public goods.
James Cooper is a professor of law at California Western School of Law in San Diego. He has advised governments in Asia, Latin America and North America for more than two and a half decades on legal reform and disruptive technologies.
Peter Grazul is a recent graduate of California Western School of Law and passed the February 2021 California State Bar Examination.