Kyle Wood is senior counsel in Perkins Coieâ€™s Blockchain Technology & Digital Currency industry group in the Dallas office.
Taylor Lindman is an associate in Perkins Coieâ€™s New York office focusing on fintech, distributed ledger technology, payments and finance matters.
In recent months, the CryptoKitties fad that had users buying and selling tens of thousands of dollars of blockchain-based collectable cats has settled down considerably. That is not to say that CryptoKitties hasnâ€™t spawned numerous copycats (see CryptoPuppies, CryptoCountries and many more). Unfortunately, the immense popularity of CryptoKitties is unlikely to be repeated, at least not by clones hoping to cash in on the novelty of blockchain-based crypto collectables.
The legacy of CryptoKitties is still in development, but most can agree that the project raised awareness (and attracted development talent) to new uses for blockchain tokens. In particular, CryptoKitties introduced many to the concept of non-fungible tokens, or â€œNFTs,â€� which might impact more than the world of cryptocurrencies.
NFTs are unique blockchain tokens that can be transferred to other people, similar to cryptocurrencies (e.g. Bitcoin and Ethereum), but they ordinarily cannot be replaced by another token of equal value â€” this is because each NFT has its own unique token identifier (and often,