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NFT - digital art on the blockchain realises 69 million at Christie's.

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.

The recent introduction of Non-fungible tokens (NFTs) and blockchain technology has enabled collectors and artists alike to verify the rightful owner and authenticity of digital artworks. EVERYDAYS: THE FIRST 5000 DAYS will be delivered directly from Beeple to the buyer, accompanied by a unique NFT encrypted with the artist’s unforgeable signature and uniquely identified on the blockchain. MakersPlace, a digital marketplace, has issued the NFT for the piece.

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entertainment & media, nft, digital art, non-fungible tokens, blockchain, fintech, tech & data, nfts, tokens

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