In case you were still wondering, NFT (non-fungible token) technology is how we will own digital assets in the Metaverse. If everything in the real world is owned by someone, it makes sense that everything in the Metaverse will be owned by someone, ultimately.
NFT tech establishes proof of ownership of a digital file – be it a JPEG, a GIF or a piece of virtual land. This drives value by creating a provable scarcity of the digital asset, just like in the real world.
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Nick Abrahams is the global co-leader of the digital transformation practice at Norton Rose Fulbright. He also hosts the popular Web3: From Mystery to Mainstreet podcast, about businesses embracing crypto, NFTs and the metaverse.
