Smart contracts, or self-executing transaction protocols, are software. They are written in the formal language of code. Since they live on the blockchain, backed up by a vast distributed network, one cannot breach a smart contract the way one could an ordinary contract; their terms are effectuated automatically. Theoretically, there are no court costs involved. No lawyers’ fees. No need to trust the other party or the flawed and frequently inaccessible justice system.
If I mint an NFT of a picture of your cat, that does not mean that your cat has to come and live with me now. When I spoke to Kane, he was a long way from the gutter, reveling in the recent $1.25 million resale of his, an NFT he originally sold for $75,000 in March. “Normally, in the traditional art world, I would not see a cent,” he says. “This time, I had the equivalent of $125,000 just dropped on me. It’s life-changing.”
Other legal issues presented by NFTs are truly novel. For example, because the image associated with an NFT is not itself backed up on the blockchain, if the platform hosting it is discontinued, that work of art could easily disappear. “We don’t have a ton of legal definition around whose responsibility it is to maintain the archival documentation of this artwork,” says Zucker.
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