Chicago Business Attorney Blog
How to Avoid Crypto-Scams
Do you accept cryptocurrency in exchange for your company’s goods and services?
Or are you thinking about it?
Articles Posted in NFT
Getting Paid in Cryptocurrency?
The pros and cons of accepting Bitcoin and other online payments for small businesses
What are the risks of small businesses taking payments in Bitcoin and other cryptocurrencies? What are the rewards?
But first, for the uninitiated, what are cryptocurrencies in the first place? They are decentralized digital exchange media that enable buyer-to-seller transactions to take place without a bank or other third-party processor involved. No matter how small your business is, you can take payments over this medium, as more than 30% of U.S. small businesses now do, according to data from Skynova. Bitcoin and Etherium are among the most commonly used.
What is a non-fungible token (NFT)?
NFTs as a Business Asset
Simply put, NFT’s (or “tokens”) are digital assets. Various examples include movies, drawings, music, and digital artwork.
By their very definition, NFT’s are non-fungible, meaning that they cannot be traded for something else. For example, Da Vinci’s original Mona Lisa is non-fungible; only one original version exists, and there will only ever be one. Contrarily, U.S. dollars are fungible—trade one dollar for another dollar and you end up with the same thing.