Co-Authored with Meredith Bacal and Noah Walters

“Pixelated” by koen_jacobs is licensed under CC BY-ND 2.0

The social phenomenon of NFTs as a new form of digital asset is peaking. On March 11, Beeple sold his Everydays: The First 5000 Days at Christie’s for $69 million; three days prior, Taco Bell was selling Taco-themed NFTs. As brands and independent artists flock to various marketplaces, the question of what it really means to “own” an NFT remains shrouded in secrecy.

NFTs are more than just digital items on the blockchain. These unique tokens are characterized by a variety of technical and artistic features that together form a type of digital…

NFTs allow people to claim ownership of a unique and authentic piece of digital art. How much are they really worth?

One of 10,000 unique CryptoPunks. Image courtesy of the owner

According to Oscar Wilde, a cynic is someone who knows the price of everything and the value of nothing, while a sentimentalist is someone who sees an absurd value in everything and doesn’t know the market price of any single thing. The sudden surge of cultural interest in non-fungible tokens (NFTs) has already sparked a battle between cynics and sentimentalists in the creative economy, and it’s playing out on the blockchain.

Paul Chodirker

Writing about the attention economy. Intellectual Property I Entertainment I New Media. Former Senior Counsel with Live Nation Entertainment.

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