Previously published by ALM Cybersecurity Law & Strategy
In an article published May 9, 2023, Partner Cameron Pick examines the recent trend of storing Non-Fungible Tokens (NFTs) on the Bitcoin blockchain versus the more traditional contract platforms such as Ethereum and Solana.
Cameron gives a primer on the mechanics of Bitcoin NFTs and highlights several promising benefits of utilizing the Bitcoin blockchain. "By storing the asset directly on the Bitcoin blockchain, users have control over their NFTs and the corresponding assets without having to trust a third party. Not only does the NFT have the benefits of the Bitcoin blockchain, but the underlying asset does as well."
Of special note to drafters of patents containing NFTs, Cameron discusses the steps advised to ensure full protection of implementations on all types of blockchains, including Bitcoin.
Subscribers may access Cameron's article "Bitcoin NFTs: Making the Case to be Sole Digital Asset Protocol"
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
