What if I told you that a digital portrait of an animated ape is claimed to be worth millions of dollars? Now, what if I told you that this digital portrait was stolen and then resold at a fraction of the price? This scenario has become a strange reality in the world of NFTs (non-fungible tokens). NFTs are peculiar but in certain respects they are considered to be the “evolution of fine art collecting, only with digital art.” Similar to other forms of art, NFT artists that are renowned all over the world can have their works sold for millions. A collection of NFTs known as the Bored Ape Yacht Club are widely considered to be one of the highly coveted NFTs as their minimum floor price on OpenSea, a marketplace for NFTs, is 92 ETH (approximately $247,000.00).
This post was originally published on the Cardozo Arts & Entertainment Law Journal website on April 13, 2022. The original post can be accessed via the Archived Link button above.
Aufrichtig, Alexander, "Crypto Enters the Courtroom: Bored Ape Yacht Club NFT Finds Itself in Court" (2022). AELJ Blog. 324.