Is an NFT illegal?

Could you elaborate on the legality of Non-Fungible Tokens (NFTs)? Many individuals are purchasing and selling NFTs for large sums, yet there's some uncertainty regarding their legality. Does the ownership of an NFT automatically confer any legal rights or protections? Are there any potential legal pitfalls associated with purchasing, selling, or holding an NFT? I understand that NFTs operate on blockchain technology, but does that automatically make them legal in all jurisdictions? Clarifying the legal status of NFTs would be invaluable for those considering investing in this emerging market.