Source | Observer
The $69 million record sale of Beeple’s EVERYDAYS: THE FIRST 5000 DAYS by Christie’s in March 2021 fast-tracked the popularity of non-fungible tokens (NFTs) overnight. Many artists perceive this blockchain-based transaction as a quick and easy way to sell digital art through various platforms such as Foundation, OpenSea, and Rarible and oftentimes find themselves learning the hard way about gas fees, taxes, resale royalties, and copyright law. What should artists know (and do) before beginning an NFT endeavor? An attorney and artists’ rights advocate explains.
NFTs are blockchain-based records signifying the ownership of digital assets. Blockchain is a technology originally developed for Bitcoin and later adapted for use across industries (and other cryptocurrencies), which creates an immutable record of transactions by adding a new line of information each time the asset is transferred.