Demand for lawyers who understand non-fungible tokens (NFTs) has grown exponentially in the past year, as more and more clients from increasingly diverse areas of the economy require expertise traversing this booming technology. By some estimates, the market for NFTs was valued anywhere from $17 billion to $41 billion in 2021, from around $82 million in 2020.
And with this giant rise in market cap comes an inevitable need for legal services. But taking advantage of this economic growth is no simple matter for law firms. It requires an understanding not just of NFT transactions, but also data security, intellectual property, public policy, and a whole raft of regulatory and compliance issues. Firms wanting to become a destination for NFT clients will need to show they are proficient in a whole host of specialized legal areas.