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ARTICLE · 03 MAY 2021

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I Want My NFT: Reimagining Digital Ownership Or The Next Bubble?

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If COVID was the buzzword for 2020, early money must surely be on NFT as the buzzword for 2021.

AustraliaTechnology
Stuart Green
Stuart Green
Courtney White
Courtney White
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If COVID was the buzzword for 2020, early money must surely be on NFT as the buzzword for 2021. The recent frenzy over non-fungible tokens (NFTs) has illuminated that value is truly in the eye of the beholder given what some people are willing to pay for a one-of-a-kind 'work'. Whether it be $411,000 for the viral 'overly attached girlfriend' meme, 1 $3.8 million for Twitter CEO Jack Dorsey's first ever tweet 2 or $69 million for Mike Winkelmann aka Beeple's digital collage of 5,000 futuristic images. 3 NFTs add a new level of value and provenance to digital assets (particularly those that are generally susceptible to online piracy) and offer an alternative means for artists to collect royalties and monetise their works. However, NFTs also raise a myriad of potential legal issues, particularly when viewed through the prism of intellectual property law.

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