The Emperor’s New Art: Cryptomania, Art & Property

Abstract

The latest wave of cryptomania has brought us yet another acronym after ICOs (initial coin offerings) – NFTs (non-fungible tokens). Touted as a means to render readily replicable digital art (and possibly other objects) rare and scarce, NFT-mania reached its apogee with the auction of Beeple’s Everydays: the First 5,000 Days for US$69m. But did the buyer actually acquire, through the NFT, any art? What is art abstracted from the medium upon which it is embedded and dissociated from its copyright?

Keywords: NFTs, cryptoassets, blockchain, copyright, art, digital property

JEL Classification: K