Introduction
Non-fungible tokens (NFTs) have become the latest big thing to
come out of the blockchain industry and capture mainstream
attention. A wide range of artists, brands, investors, businesses
and consumers are embracing NFTs. Despite this active interest and
substantial investment, however, there continues to be significant
misunderstandings in terms of what NFTs represent and their real
world applications. This continued misunderstanding comes at a
cost, both to investors who may not have purchased the rights for
which they thought they had bargained, as well as to artists and
businesses who may be missing out on opportunities to properly
leverage the new technology.
This is what happened in the case of SpiceDAO, a collective that
paid almost USD$3 million for a copy of a rare art book
for Jodorowsky's Dune (a proposed film
adaptation of the science fiction novel Dune) on the
mistaken belief it would enable them to produce an animated series
based on the
