By turning something that is endlessly duplicable into a unique token on the blockchain, Christie's reminds us that scarcity and our desire to possess it continues to run the world.
From a legal perspective, tokenizing a digital work begs a great number of questions starting with whether the token is associated with rights of "ownership" or licence rights to use the work for specific purposes. What 'ownership' really means, when it comes to NFTs, is something that lawyers may well argue over for another decade, and there is no shortage of questions regarding license agreements on the blockchain, either.
Meanwhile, this is a milestone for digital art collecting and a phenomenal opportunity for the entire media industry, which is more than eager to follow suit.
If you or have questions or concerns about NFTs, please do contact us.
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