In this extended ESI Survival Guide discussion, we take a deep dive into the mysterious world of NFTs with Lewis Cohen. Lewis is ranked as a Band 1 lawyer by Chambers and Partners in the blockchain and cryptocurrencies spaces, and the cutting-edge firm he co-founded - DLx Law (www.dlxlaw.com) - is also recognized as one of the leading blockchain legal practices in the U.S. by Chambers and Partners. He is a true pioneer in blockchain and crypto law, and there is no one better to lead us through the electronic wilderness in search of the elusive, the enigmatic - The NFT.
This is MUST WATCH video for any legal professional interested in NFTs, which with how the new economy is developing, should be EVERY legal professional. Lewis and I cover a TON of ground from the basic to the complex, the theoretical to the practical, the past, the present, the future, the good, the bad and the Olive Garden.
After discussing how Lewis' vision and instinct put him on a path to becoming one of the leading legal minds in the blockchain and digital assets spaces, we explore all things NFTs. We discuss blockchain vocabulary, why blockchain practice is NOT FinTech practice, what makes NFTs so unique technologically and legally, NFT news and trends, what parts make up an NFT, where they live, the role of the NFT lawyer, Kings of Leon, NFT "ownership," IPFS, 3D printing weapons, code as speech, censorship on the blockchain, who secures NFTs, NFTs and traditional legal concepts, smart contracts, Jay-Z, immutability vs. take-down notices, GAS PRICES, crypto mining vs. NFT minting, NAS, The Koala Intelligence Agency, Bored Apes, Yacht Clubs, NFTs as a catalyst for community building, NFTs and the "New Economy," the concept of "digital scarcity," POAP, licensing and NFTs, OpenSea and The Olive Garden, nefarious NFTs, CryptoPunks, Hermès MetaBerkins, tort law and more.
00:00 - ESI Survival Guide Introduction & Disclaimer
02:41 - An Introduction to Lewis Cohen - Band 1 Blockchain Lawyer
04:18 - "Peanut Butter and Chocolate" - A Pioneer's Path to the Blockchain
07:30 - The Blockchain/eDiscovery Parallel - The Luddite's Challenge
09:21 - Blockchain Practice is NOT FinTech Practice
12:25 - What Makes NFTs So Unique? Current Events, Trends & News
13:49 - Building Your Vocab - BLOCKCHAIN
14:14 - Building Your Vocab - CRYPTOCURRENCY
14:28 - Build Your Vocab - NFT
17:50 - What Does it Mean to Own a Digital Asset?
21:21 - Where Does the "NFT" Reside? The Unique Nature of the Blockchain, URI Fields and How Important is that NFT to You?
25:16 - What Makes an NFT Different? Transient Ownership & Security
25:41 - IPFS, Pinning and the Important Question - Who Pays for Storage?
26:53 - The "Promise of Forever," the Challenge of Decentralized Storage and Arweave
28:09 - NFTs and Traditional Legal Concepts: Possession, Custody, Control and the Efficacy of Certain Legal Remedies
29:11 - Building Your Vocab - SMART CONTRACTS - The Bitcoin Blockchain, the Breakthrough of Ethereum, Tokens, Dapps and More
31:50 - GAS - Another Ethereum Breakthrough: A Market Solution to the Consumption of Computing Power on the EVM
34:14 - Who Owns the "Gas Stations"? The Beauty of a Permissionless Network
35:07 - Is Owning a "Gas Station" Practical? Bitcoin Mining and Running a Node
36:06 - NFT Minting and How to Buy and Sell NFTs
38:24 - The Brilliant Often Comes from the Crazy
38:51 - The Bored Ape Yacht Club Phenomenon and NFTs as a Catalyst for Community Building Online & Offline - Digital Scarcity
41:29 - The Economic and Commercial Aspects of NFTs: Licensing Derivative Works from Fashion to Wine and Beyond
43:01 - NFTs Bridge to the Physical World: POAP, Digital Badges and More
45:29 - NFTs as Veblen Goods
45:37 - NFT Rights and Expanding the Palette of Artistic Expression
47:05 - Keeping Creator Rights: NFT Use Restrictions
49:01 - OpenSea and Olive Garden, Takedown Notices and Finding a Needle in a Chainstack
50:42 - Decentralized Storage Brings Fundamental Questions of Law to the Forefront
51:40 - NFT Law Goes Way Beyond Technology: "The Most Exciting Place to Practice"
52:09 - NFTs: Does the "N" Stand for "Nefarious"?
53:15 - Code as Speech: 3D Printing Weapons and Censoring Code on the Blockchain
54:35 - Traditional Tort Law and NFTs - Applicability to the Metaverse
58:34 - Roc-A-Fella Records v. Damon Dash, Jay-Z, Reasonable Doubt, Copyright as an NFT - Trends in NFT Caselaw and Jurisprudence
1:01:03 - The End is Just the Beginning
1:01:23 - THE #1 NFT SURVIVAL TIP
1:02:34 - Final Thoughts, Thank Yous and Goodbyes
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#ESISurvivalGuide #LewisCohen #Blockchain #NFT #Cryptocurrency #DLxLaw #Ethereum #OpenSea #NFTMinting #CryptoMining #BoredApeYachtClub #theneweconomy #MatthewKnouff
And as always...please, stay safe out there in the electronic wilderness!
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