Non-fungible tokens have been widely adopted across a variety of industries. The fast-developing NFT ecosystem of technical and commercial innovation is aimed at the promise of bridging physical world concepts of uniqueness and scarcity with the digital world. As with all forms of technical innovation, NFTs pose unique legal challenges to participants in this ecosystem. In this white paper, we explore this groundbreaking technology by providing an overview of NFTs from a commercial and technical perspective and addressing various legal considerations.