A to Z of NFTs at Collision Toronto
On June 23rd, two Goodmans summer students attended the Collision Conference and participated in a session entitled “The A to Z of NFTs with the Knowledge Society”. In this presentation, two sixteen-year-olds (yes, you heard that right) described what NFTs (non-fungible tokens) are and created one from scratch live on stage.
Aleeza Jahan and Anya Singh participate in an innovation program for high school students called The Knowledge Society. Utilizing their interest in emerging technologies, they explained how NFTs act as unique digital assets based on block chain technology which cannot be interchanged or replaced. Some key takeaways from the session are listed below:
- The digital smart contracts governing the exchange of NFTs ensure that artists can retain ownership rights and royalties after sale
- $37 billion has changed hands in the NFT marketplace already in 2022; and
- NFTs have already begun attracting considerable profit in the consumer goods space, particularly for fashion companies like Nike.
After outlining the key characteristics of NFTs (ownership, transparency and rarity), the presenters demonstrated how to list an NFT for sale on OpenSea, an NFT marketplace. All proceeds from the newly listed NFT were directed to an organization called Girls Who Code, which Anya and Aleeza are particularly passionate about.
Author: Shea Neals, 2022 Summer Student-at-law
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