NFTs have been around since 2015 on the Ethereum blockchain and
have significantly grown over the years especially in the digital
art industry. However, not all NFTs are art related. Some NFTs are
also attached to physical products where they could act like
security.
"NFT" basically stands for a "non-fungible
token". The wording "non-fungible" essentially means
unique and cannot be replaced. So unlike, currency, bitcoin, etc.,
which are interchangeable, NFTs are one of a kind. In the digital
art space, NFTs are used to claim ownership on a piece of
copyrightable work – be it a digital painting, photograph,
design, and the like.
In 2021, Christie's auction house sold an NFT of a digital
artwork by Beeple, a relatively unknown artist at the time, for USD
69,346,250 to an anonymous buyer. Since then, there have been
several questions on what exactly was purchased through the NFT.
Whether or not it was an actual purchase i.e. transfer of ownership
of the IP, a licence
