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Digital Token Purchases

Jan 17

Several NFT Myths: Caveat Emptor
Do you own the art if you purchase an NFT for digital art? You will only if the provisions of the NFT require it. The seller is under no obligation to provide copyright. Always read the fine print, as you would with any contract.

The copyright for MetaKovan's NFT for Everydays The First 5000 Days is not included. Indeed, the artist has already sold another $6 million worth of NFTs for a component of the collage titled "Ocean Front." MetaKovan has the ability to resell the Everydays The First 5000 Days NFT, but only Beeple has the ability to make and sell NFTs of its 5000 components.

The NBA will release "Top Shots" in October 2020. It's a compilation of NFTs of renowned players and plays dubbed "Top Shot Moments." When you purchase a Top Shot Moment, the following applies:

You obtain the video's digital token.
You can demonstrate publicly that you own the video's token.
You do not obtain ownership of the video.
You are not permitted to use the footage commercially.
You are not permitted to resell a modified version of the video.
The NBA may always enhance the Moment by utilizing multiple camera angles, for example. You are relying on them not to do so.
Top Shots deals surpassed $527 million in less than six months. The majority are resales on the secondary market, and the NFTs automatically remit 5% of each resale to the NBA. The NBA's involvement into NFTs has aided in legitimizing the concept and market.

Everydays and Top Shots videos are both available online for free. Therefore, why would you pay for a video of a LeBron James dunk that you can view for free on YouTube? Here, cutting-edge technology collides with ingrained human psychology: While technology advances swiftly, humans do not.

How Much Did It Sell For??
Christie's, the legendary auction house, is intimately familiar with how humans value collectibles. In February 2021, Christie's will auction Everydays The First 5000 Days. In May, they released another "significant" collection of web art: a CryptoPunks collection. Their promotional materials demonstrate why collectors paid $17 million for low-resolution cartoon images: provenance, uniqueness, significance, and an unambiguous title, all of which are collectors' touchstones. That is how the NFT for animation with 187 million views on YouTube ("Nyan Cat," a flying cat with a Pop-Tart body spewing a rainbow trail) was sold for approximately $600,000.

Enrollment in digital art classes, I anticipate, will increase.

Beyond Art and Speculation: The Social Impact of NFTs
The skyrocketing prices of digital art have grabbed the headlines. However, NFTs may have enormous potential for resolving niggling societal problems such as identification, property ownership, and affiliation.

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