What Are Blockchain, Crypto and NFTs? A Deeper Look

As of March 2022, there are more than 18,000 different crypto currencies in service for a total market capitalization of $2 trillion. In this episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss chats with Faegre Drinker partner Jeff Blumberg and associate Jane Blaney, to revisit the world of crypto and not only discuss the foundations of crypto currencies, but also explore the world of blockchain and non-fungible tokens, or NFTs.

The conversation tackles a number of questions, including:

• What is blockchain and what makes it different from traditional recordkeeping processes?
• What exactly is crypto currency? What is important to understand about it?
• What exactly is an NFT? How do they work in easy-to-understand concepts?
• What uses are there for blockchain, both using crypto currencies and in uses other than crypto currency?
• Are crypto currencies considered “legal tender”? Can people use them like normal money?
• How can and will NFTs be used in other ways in our society as these concepts grow?