Allison R. White of Caesar Rivise. Courtesy photo What Are NFTs? The Latest Blockchain Tech You Need to Know to Protect Your IP
NFTs are digital assets with ownerships recorded and certified on blockchain, similar to how ownership of Bitcoin is authenticated. Essentially, an NFT is a digital collectable item, appealing to individuals desiring the exclusivity of "owning" a digital asset in artwork in an indestructible capacity.
May 17, 2021 at 01:07 PM
5 minute read
A blockchain company purchased an original Bansky artwork for $95,000. Then they set it on fire. Why? The answer lies in NFTs.
A New York art gallery sold the piece "Morons (White)," a highly coveted artwork from the anonymous British artist, in early March 2021. The group that purchased the piece then posted a public video, featuring a masked man holding a lighter to the artwork, watching it burn. Yet, before the group rendered the piece to ashes, they replicated the work in digital format and later sold it for $380,000 as a nonfungible token, or NFT.
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