Our managing partner, Héctor Torres, a lawyer specializing in Fintech, Non-Fungible Tokens (NFTs) are unique tokens created through blockchain technology. Unlike cryptocurrencies, which are interchangeable for equivalent units, NFTs are unique and non-fungible. Each NFT represents a digital asset, such as an image, a video, a game, a tweet, among others.

According to our lawyer, Fátima Espinal, the ownership of an NFT is recorded on the blockchain, allowing the owner to prove the authenticity and exclusive ownership of the digital asset.

"NFTs have become a popular tool for collectors of digital art and have been used in auctions to sell digital artwork at very high prices," indicates our specialist.

If you are an artist and want to enter the world of NFTs, the steps are quite simple and do not require expensive tools or extraordinary knowledge, according to Espinal.

In this way, creators can benefit from subsequent sales of their work thanks to Copyright Law, "which allows them to obtain long-term income," says our legal advisor.

"The process of creating an NFT is not complicated, burdensome, or technical. You only need your artistic skills and a computer," comments our head of the Intellectual Property Department.

To convert artwork into an NFT, Espinal advises following these steps:

  1. Create a Cryptocurrency Wallet: The first thing you need to do is create a cryptocurrency wallet to store your NFTs. There are many options available online, but it's important to research thoroughly before choosing one.
  2. Create a Design: After creating a cryptocurrency wallet, you'll need to create a design for your artwork that fits the specifications of the chosen NFT platform.
  3. Select a Platform: There are many different NFT platforms online, such as OpenSea, Rarible, and SuperRare. It's important to thoroughly research each platform before choosing one.
  4. Upload Your Artwork to the Platform: Once you've selected a platform, you'll need to upload your artwork and create a smart contract. A smart contract is a code that establishes the terms of the sale and the ownership rights of the NFT.
  5. Set a Price: After uploading your artwork and creating a smart contract, you'll need to set a price for your NFT.
  6. Promote Your NFT: You'll need to promote it so that potential buyers can see it. You can promote it on social media and other art websites.
  7. Sell Your NFT: When a purchase is made, the NFT platform transfers it to the buyer's cryptocurrency wallet and pays you the agreed-upon price.

If you have further questions about this or other topics, you can contact us through our social media channels or by visiting our offices located at Calle Cuscatlán, #4312, Colonia Escalón, San Salvador, El Salvador.


-Written by the Torres Legal Team.