What is the most important thing investors should know about the topic de jour, non-fungible tokens?
That they are most likely to be the next illustration of the greater fool theory.
We agree with Dennis Kennedy:
NFTs seem to be making a lot of money and there is a tremendous sense of FOMO, the fear of missing out around them. And they’re also so hot that we’re just now starting to get the thing of that where people saying they’re overhyped and they have nowhere to go but down. And so, we’ve longtime listeners that will recognize the classic Gartner hype cycle in effect there. So, we’re definitely in one of those top levels of the hype cycle right now so which it was where it becomes important to really understand what’s going on and to start to sift through what is, let me call somewhat ironically here, what is real and what is not real and what we need to pay attention to and what’s going to last.
What do lawyers need to know about NFTs? Loads and loads, since their use implicates legal concerns from estate planning to intellectual property to investment rules and crimes. There will always be a greater fool who is anxious to litigate.
The Kennedy Mighell podcast undertakes to provide an intro to NFTs for lawyers.