Book contents
- The Cambridge Handbook of Law and Policy for NFTs
- The Cambridge Handbook of Law and Policy for NFTs
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Contributors
- Acknowledgments
- Part I Introduction and Background
- Part II Financial Regulation and Investor Protection
- Part III Capital Markets, Community, and Marketing
- Part IV Intellectual Property and Ownership Rights
- 11 NFTs and Copyright Law
- 12 Unauthorized Minting and NFTs
- 13 Visual Art, Galleries, Collectibles, and NFTs
- 14 NFTs, Property Rights, and Realty
- Part V Data Protection, Privacy, Cybersecurity, and NFTs
- Part VI Other Legal Issues with NFTs
- Part VII Conclusions and Future Directions
- Index
13 - Visual Art, Galleries, Collectibles, and NFTs
from Part IV - Intellectual Property and Ownership Rights
Published online by Cambridge University Press: 02 November 2024
- The Cambridge Handbook of Law and Policy for NFTs
- The Cambridge Handbook of Law and Policy for NFTs
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Contributors
- Acknowledgments
- Part I Introduction and Background
- Part II Financial Regulation and Investor Protection
- Part III Capital Markets, Community, and Marketing
- Part IV Intellectual Property and Ownership Rights
- 11 NFTs and Copyright Law
- 12 Unauthorized Minting and NFTs
- 13 Visual Art, Galleries, Collectibles, and NFTs
- 14 NFTs, Property Rights, and Realty
- Part V Data Protection, Privacy, Cybersecurity, and NFTs
- Part VI Other Legal Issues with NFTs
- Part VII Conclusions and Future Directions
- Index
Summary
Fueled in part by the wealth created from digital currencies, major art dealers such as Christie’s and Sotheby’s have embraced the sale of non-fungible tokens (NFTs) attached to unique digital works of art. NFTs, how they are related to the blockchain, and the evolution of the market for digital art is the subject of this chapter. Despite recent decreases in value, it appears that digital art can be added to the growing list of uses for blockchain technology, which is now becoming a part of modern life. This chapter proceeds in five sections. First, the overview of the evolutionary progression of blockchain technology in the form of NFTs. Second, a description of the emergence of the market for digital art. Third, an explanation and historical account of digital art and related recent issues. Fourth, a coverage of the abrupt decline in the market price for many NFTs. And last, a conclusion, which focuses on how the dramatic extension of blockchain and other digital technology to the world of art represents a new and exciting platform for creative expression. This chapter offers a valuable addition to the literature by providing a readable introduction and overview of what is now known about the likely impact of blockchain technology and NFTs to art. Additionally, this important development should have a significant impact on the future of innovation and property law.
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- The Cambridge Handbook of Law and Policy for NFTs , pp. 254 - 274Publisher: Cambridge University PressPrint publication year: 2024