FT News Briefing FT Weekend: How NFTs shook up the art world
Sep 24, 2022
Jemima Kelly, an FT columnist and crypto-sceptic, dives into the turbulent world of NFTs. She explains how these digital assets once captivated the art scene but have since experienced a significant crash. Jemima unpacks the initial hype and ongoing debates about their real value. Can NFTs truly reshape art ownership or are they just a passing trend? The discussion highlights key cultural moments, from celebrity-tinged digital art to critical views on investment viability, and questions whether NFTs hold any lasting significance in the art world.
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NFTs Defined
- NFTs are non-fungible tokens, differentiated from fungible cryptocurrencies like Bitcoin.
- They signify unique ownership, unlike interchangeable currency units.
NFT as Receipt
- An NFT acts as a digital receipt of ownership, especially for easily replicated digital art.
- It intends to prove ownership where origin is hard to trace online.
Burning Art NFT
- Lilah met an artist who burned her physical art, then sold an NFT of the burning process.
- NFTs can represent anything, blurring the lines of traditional art ownership.