NFTs. Pushing the Limits of Art. A Digital Asset.
Non-Fungible Tokens (NFTs) are unique crypto tokens with unique IDs that are on a blockchain, which can trace the one unique owner and transaction history of the NFT. They have been around since 2017. NFTs can be anything digital, such as drawings, music, photos, tweets, coupons, videos and games. Most NFTs are bought and sold on Ethereum Blockchain and a digital wallet is required. The Selling of NFT pieces consumes much energy and so it leaves a carbon footprint – Ethereum’s carbon emissions – on the environment.
Legal issues -A buyer of an NFT does not automatically receive all the intellectual property rights underlying the digital artwork associated with the NFT. The license agreement associated with the sale will determine a buyer’s property rights. Also, buyers and sellers of an NFT should pay attention to how the underlying media is being stored and who has the obligation of storage.
Hidden fees – gas fees (varies according to time of day) are paid by the artist which pay for the computing energy for process and validate transactions on a blockchain. Gas fees are included for minting a token, as well as buying and selling NFTs.