In 2021, NFTs have taken the art and tech worlds by storm. What is going on? What are NFTs? And what does copyright have to do with it? Musician Grimes has also reportedly sold over USD 6 million worth of digital artworks. Old memes have been selling at auction as well, with the famous meme of Nyan Cat, an animated colourful cat whose body is in the shape of a pop tart, selling for 300 ETH (the cryptocurrency generated by the Ethereum protocol), over USD 1 million at the time of writing. An NFT of a collage of works by digital artist Beeple was auctioned at Christie’s and sold to another crypto entrepreneur for the eye-watering sum of almost USD 70 million. The NBA had been selling NBA Top Shots, “unique” NFTs of NBA moments, the value of which has exploded. Twitter’s CEO Jack Dorsey sold an NFT of his first tweet for the equivalent of USD 2.5 million. Some think they acquire the underlying work of art, and all its accompanying rights, but, in reality, they are simply buying the metadata associated with the work not the work itself. There is widespread confusion surrounding the rights that buyers acquire when they purchase an NFT. This breakthrough technology has taken the art and tech worlds by storm. One of the most high-profile technological stories of 2021 has been the rise in popularity of the non-fungible token (NFT), the newest hype in the world of distributed ledgers and cryptocurrencies. By Andres Guadamuz, Senior Lecturer in Intellectual Property Law, University of Sussex, United Kingdom
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