Insights

What are NFT’s?

Let’s start with decoding the NFT. It stands for non-fungible tokens. But if you never heard of NFT’s that most probably did not make it any less clear, so let’s get into a little more detail.

Non-fungible tokens are a form of digital files verified on a blockchain. The non-fungible part means that it can’t be interchanged with other similar items, it is unique and one of a kind, that is verified and secured on a blockchain forever.

For example, money is fungible and interchangeable you can change one 10 euro banknote with another and the value will still remain at 10 euros, however, you can’t do that with NFT’s because the value of a digital item stems from the fact that it is one of a kind digital item.

As society moves to more digital economy, traditional financial institutions won’t be able to provide full service that new age client seeks. Fast and painless transactions, small fees for transactions between everyone, quick KYC and no need for physical presence will be essential to upcoming monetary systems. As demand for new and more diverse financial institutions grows more will come into play and compete for their place under the sun.

Vienu metu viena didžiausių Europos fintech įmonių prisijungė prie sąrašų tokių organizacijų kaip Theranos bei WeWork – ir sugriuvo vos per kelis mėnesius. Trumpai apžvelgsime Wirecard istorija bei padarinius, kuriuos sukėlė šios įmonės bankrotas.

Lithuania is a country of solo practitioners or small law firms. ~80% of law firms have 1-2 lawyers – and almost 90% of law firms have 1-3 lawyers. And if your law firm has 11 or more lawyers, you can proudly say you are in the field of 1%.

So, being a country of small law boutiques, when it comes to Legal Tech, we are asking ourselves – why, despite of maximum flexibility in our operations, we are still very slow integrating Legal Tech tools in our practice?