Source | Slate
Since the beginning of 2021, the NFT art community has existed somewhere between a bohemian utopia and a crypto-gold rush. And in a world where volatility is the only constant, the unrestrained early enthusiasm around NFTs has given way to some harsh legal and technical realities. While there have yet to be any significant court rulings relating to NFTs, inevitable high-profile disputes in the non-fungible art marketplace have begun to emerge.
On March 2, the artist Ali Sabet auctioned an original digital artwork as an NFT titled Quarantine Magic in Motion. The piece, a one-minute animated, digital collage of colorful skulls, faces, words, and macabre images, was minted and offered for sale in three editions. (What does it actually depict? It’s a little hard to explain.) The first edition sold almost immediately for 10 ETH, a popular cryptocurrency (valued at approximately $15,000 at the time).