By now, you should have heard of non-fungible tokens (NFT) and the change they are driving in the art and music world.
The space is moving very rapidly, and economic models for scarce digital media are emerging. Musician Grimes has sold her art print for $6 million, DJ 3LAU sold out a crypto-digital music album for $11.6 million, Beeple’s NFTs are currently in auction for $3.5 million at art-house Christie’s while Nifty Gateway had a single one of his pieces go for over $6 million. Even more interesting is the impact on royalty models and intellectual property ownership.
We are over 20 years into the internet revolution. What is clear is there is not just one technological change, but multiple waves of transformation. Each carries with it a social and philosophical outcome.
We thought that open, endless access to the world’s media would be fantastic and freeing. That we would have an intellectual and scientific Renaissance as a result. And to some extent, that has indeed happened. But it has happened at deep cost.
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