Art Blockchain, Digital Art, the Art World and the Value of Non Fungible Tokens (NFTs): The Devil Truly is in the Detail
Insights July 22, 2021
NFTs have burst onto the scene in a big way, and no more so than in the art world with digital works tied to NFTs heralded as a ‘new art medium’, and all, including established auction houses, art galleries and others, rushing to mint, promote and curate digital art and sell them (hopefully) for small fortunes.
Established art gallery, Pace, recently announced the launch of its NFT platform “…for showing and selling…” digital art non fungible tokens, set for launch in September 2021, with its inaugural offering being “… a series of NFTs from…” Lucas Samaras’s “…archive of digital works…”. The Platform promises both primary and secondary sales, and, interestingly, to include “…digital Samaras prints…offered as physical tokens to accompany the purchase of the NFTs…”.
Blockchain technology has come thick and fast to the art world, and a work of art is now considered something new simply because its digital image is an ‘NFT’.
But what does it mean to be an ‘NFT’?
Sam advises clients on corporate acquisitions and disposals, corporate finance, corporate and partnership structuring and shareholder, operating and buy-sell arrangements, general corporate matters, fine art and cultural property, supply, distribution, and consignment and inventory management arrangements, and other commercial transactions. Read more about Sam Miller here.
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