digital art investment analyst definitions pdf
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A non-fungible tok (NFT) is a unique digital idtifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify ownership and authticity.
The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create.
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NFTs typically contain referces to digital files such as photos, videos, and audio. Because NFTs are uniquely idtifiable assets, they differ from cryptocurrcies, which are fungible.
Proponts of NFTs claim that NFTs provide a public certificate of authticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inhert legal meaning and does not necessarily grant copyright, intellectual property rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file and does not prevt the creation of NFTs that referce idtical files.
The NFT market grew dramatically from 2020 to 2021: the trading of NFTs in 2021 increased to more than $17 billion, up by 21, 000% over 2020's total of $82 million.
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NFTs have be used as speculative investmts and they have drawn increasing criticism for the ergy cost and carbon footprint associated with validating blockchain transactions as well as their frequt use in art scams.
In 2022, the NFT market suffered a major collapse, with prices sharply falling; a May 2022 estimate was that the number of sales was down over 90% compared to its 2021 peak.
An NFT is a unit of data, stored on a type of digital ledger called a blockchain, which can be sold and traded.
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An NFT (and, if applicable, the associated licse to use, copy, or display the underlying asset) can be traded and sold on digital markets.
The extralegal nature of NFT trading usually results in an informal exchange of ownership over the asset that has no legal basis for forcemt,
NFTs function like cryptographic toks, but unlike cryptocurrcies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable, and so are not fungible.
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NFTs are created wh blockchains concatate records containing cryptographic hashes—sets of characters that idtify a set of data—onto previous records, creating a chain of idtifiable data blocks.
Data links that are part of NFT records, that for example may point to details about where the associated art is stored, can be affected by link rot.
A diagram showing the right to own a non-fungible tok and linked file. In most cases, it is heavily depdt on the tok's smart contract.
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An NFT solely represts a proof of ownership of a blockchain record and does not necessarily imply that the owner possesses intellectual property rights to the digital asset the NFT purports to represt.
Someone may sell an NFT that represts their work, but the buyer will not necessarily receive copyright to that work, and the seller may not be prohibited from creating additional NFT copies of the same work.
According to legal scholar Rebecca Tushnet, "In one sse, the purchaser acquires whatever the art world thinks they have acquired. They definitely do not own the copyright to the underlying work unless it is explicitly transferred."
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The NFT collection CryptoPunks was a project that initially prohibited owners of its NFTs from using the associated digital artwork for commercial use, but later allowed such use upon acquisition of the collection's part company.
Was created by Kevin McCoy and Anil Dash in May 2014. It consists of a video clip made by McCoy's wife, Jnifer. McCoy registered the video on the Namecoin blockchain and sold it to Dash for $4, during a live prestation for the Sev on Sev conferces at the New Museum in New York City. McCoy and Dash referred to the technology as "monetized graphics".
This explicitly linked a non-fungible, tradable blockchain marker to a work of art, via on-chain metadata (abled by Namecoin). This is in contrast to the multi-unit, fungible, metadata-less "Colored Coins" of other blockchains and Counterparty.
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In October 2015, the first NFT project, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum's first developer conferce, three months after the launch of the Ethereum blockchain. Most of Etheria's 457 purchasable and tradable hexagonal tiles wt unsold for more than five years until March 13, 2021, wh rewed interest in NFTs sparked a buying frzy. Within 24 hours, all tiles of the currt version and a prior version, each hardcoded to 1 ETH (US$0.43 at the time of launch), were sold for a total of US$1.4 million.
The term "NFT" only achieved wider usage with the ERC-721 standard, first proposed in 2017 via the Ethereum GitHub, following the launch of various NFT projects that year.
The standard coincided with the launch of several NFT projects, including Curio Cards, CryptoPunks (a project to trade unique cartoon characters, released by the American studio Larva Labs on the Ethereum blockchain),
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The growing list of brands being trademarked for NFTs includes the NYSE, Star Trek, Panera, Walmart, Elvis Presley, Sports Illustrated, Ticketmaster, and Yahoo.
In May 2022, The Wall Street Journal reported that the NFT market was "collapsing". Daily sales of NFT toks had declined 92% from September 2021, and the number of active wallets in the NFT market fell 88% from November 2021. While rising interest rates had impacted risky bets across the financial markets, the Journal said "NFTs are among the most speculative."
NFTs have be used to exchange digital toks that link to a digital file asset. Ownership of an NFT is oft associated with a licse to use such a linked digital asset but gerally does not confer the copyright to the buyer. Some agreemts only grant a licse for personal, non-commercial use, while other licses also allow commercial use of the underlying digital asset.
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This kind of dectralized intellectual copyright poses an alternative to established forms of safeguarding copyright controlled by state institutions and middlem within the respective industry.
High-profile auctions of NFTs linked to digital art have received considerable public atttion. The work titled Merge by artist Pak was the most expsive NFT, with an auction price of US$91.8 million
And Everydays: the First 5000 Days, by artist Mike Winkelmann (known professionally as Beeple) the second most expsive at US$69.3 million in 2021.
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Some NFT collections, including Bored Apes, EtherRocks, and CryptoPunks are examples of gerative art, where many differt images are created by assembling a selection of simple picture componts in differt combinations.
In March 2021, the blockchain company Injective Protocol bought a $95, 000 original scre print titled Morons (White) from glish graffiti artist Banksy, and filmed somebody burning it with a cigarette lighter. They uploaded (known as "minting" in the NFT sce) and sold the video as an NFT.
The person who destroyed the artwork, who called themselves "Burnt Banksy", described the act as a way to transfer a physical work of art to the NFT space.
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American curator and art historian Tina Rivers Ryan, who specializes in digital works, said that art museums are widely not convinced that NFTs have "lasting cultural relevance."
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In July 2022, after the controversial sale of Michelangelo's Doni Tondo in Italy, the sale of NFT reproductions of famous artworks was prohibited in Italy. Giv the complexity and lack of regulation of the matter, the Ministry of Culture of Italy temporarily requested that its institutions refrain from signing contracts involving NFTs.
No ctralized means of authtication exists to prevt stol and counterfeit digital works from being sold as NFTs, although auction houses like Sotheby's, Christie's, and various museums and galleries worldwide started collaborations and partnerships with digital artists such as Refik Anadol, Dangiuz and Sarah Zucker.
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NFTs associated with digital artworks could be sold and bought via NFT platforms. OpSea, launched in 2017, was one of the first marketplaces to host various types of NFTs.
In July 2019, the National Basketball Association, the NBA Players Association and Dapper Labs, the creator of CryptoKitties, started a joint vture NBA Top Shot for basketball fans that let users buy NFTs of historic momts in basketball.
In 2020, Rarible was found, allowing multiple assets. In 2021, Rarible and Adobe formed a partnership to simplify the verification and security of metadata for digital contt, including NFTs.
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Mars House, an architectural NFT created in May 2020 by artist Krista Kim, sold in 2021 for 288 Ether (ETH) — at that time equivalt to US$524, 558.
NFTs play a role both in traditional as well as blockchainbased videogames. While in the former they usually represt cosmetic additions that can be ascribed to an individual player they are oft at the very core of a blockchain game.
NFTs can represt in-game assets, such as digital plots of land. Some commtators describe these as being controlled "by the user" instead of the game developer
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