Intellectual property protection challenges to digital
collection
NFT—this acronym has the whole world buzzing! NFTs are
being sold globally at unimaginable prices. Recently the New York
Times sold its column on NFT, titled “Buy this Column on the
Blockchain”, as an NFT, for $563,000. Auction houses are not
behind either. Sotheby's and Philips launched NFT
auctions and sold NFTs worth millions of dollars in minutes. As of
the year 2017, a whopping $174 million has been reportedly spent on
NFTs. According to a recent article in Time magazine, art
collectors have spent almost $200 million on NFTs in February 2021
alone.
But what exactly is an NFT?
In simple words, Non-Fungible Tokens or NFTs are a type of
digital asset or a certificate, the ownership of which is recorded
on a blockchain. Unlike other digital assets that can be
interchanged/exchanged, NFTs are not interchangeable, due to their
non-fungible nature, and are considered a digital collectible of
the
