NFT creators retain intellectual property rights, unless they sell or license the copyright for the specific NFT.
The NFT is a digital, inalterable certificate of authenticity and proof of ownership. Even so, NFTs are asserting their value in the marketplace, and some resale opportunities may be attractive to both creators and collectors.
Practically speaking, that means insurance policies covering fine art only encompass physical loss or damage, and because NFTs and other digital assets aren’t physical, they aren’t covered. While NFT creators and consumers may regard them as art works, thus far, traditional insurers consider NFTs to be digital assets. Whether NFTs are considered art assets depends on who is making the assessment and why. NFTs’ steep, sudden rise is unprecedented. Many now-iconic, vanguard artists of past eras never enjoyed financial success during their lifetimes. For centuries, “establishment” aesthetic gatekeepers have questioned the validity of avant-garde art forms and movements. NFTs have indisputably entered the fine art space, and are generating heated debate due to both skepticism and enthusiasm from all sides. We will likely see more established commercial and nonprofit art institutions embrace NFTs meanwhile, new products and services are cropping up to meet demand from NFT creators and consumers. Auction houses and galleries are capitalizing on and coopting NFTs, with the featured artists’ cooperation. NFTs’ native crypto marketplaces aim explicitly to circumvent and disrupt institutional gatekeepers, yet NFTs are increasingly being offered by many major art institutions. We are witnessing tectonic shifts in real time. NFTs present new, perhaps speculative, opportunities for auction houses, galleries, art fairs, even museums and nonprofits, and the collectors and donors with whom they transact. In 2020, the pandemic accelerated the traditional art market’s pivot to digital sales. We’re in the early days of a commercial, technological and aesthetic experiment. Here, we focus on their implications for the contemporary art market and for collectors. NFTs encompass a broad universe, from tweets, GIFs and images to songs and videos. While artists have been working in other digital media for over 50 years, NFTs are a new horizon for the fine art sector. NFTs have been “minted” and promoted by celebrities in sports, entertainment, art, tech and by big consumer brands. NFTs’ authenticity, provenance and ownership are verified using blockchain technology, a decentralized, immutable ledger of transactions. Like cryptocurrencies, NFTs belong to a borderless, decentralized, virtual global ecosystem-crypto marketplaces in which they are created, proffered and acquired. Artists, galleries, auction houses, luxury and consumer brands, sports and entertainment celebrities and enterprises, nonprofit organizations, digital creatives (of all ages) have been creating and trading NFTs. It’s a rapidly and continually evolving space. In December 2021, Pak fractionalized an NFT offered on the same platform that generated nearly $91.8 million 2. Sotheby’s soon after announced a collaboration with the anonymous artist Pak on an auction held in partnership with Nifty Gateway, one of many digital marketplaces. NFTs have rapidly become a mainstream popular culture phenomenon, garnering front-page news coverage and a skit on Saturday Night Live. NFTs-unique, digital assets created and exchanged on the internet-catapulted to attention March 2021 with Christie’s record-setting $69.3 million sale of an NFT digital collage by Beeple (the artist Mike Winkelmann, who was transformed overnight into a household name) 1. This carbon-neutral certified option is designed with a circular mindset so that each token can be recycled again.Charlotte Eyerman, Executive Director and Chief Art Curator for J.P. Our OTP device casings are now also available from recycled ordinary ABS plastic to support your sustainability strategy and meet rising eco-conscious consumer demands for green and responsible alternatives. Meet our new green OTP tokens for digital banking
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