Since the first creation of non-fungible tokens (NFTs) in 2014, some have tried to discredit this new technology as a scam undeserving of legitimate artistic consideration. The test of time has proven otherwise, as the use of NFTs has expanded to impact numerous industries. Although the collapse of NFT trading volumes in September of 2022 allowed critics an “I told you so” moment, NFTs seem to be continuously expanding in both use and legitimacy from their first conception. Significantly, art museums have also made a statement: NFTs are a legitimate art form and a lucrative move for the future of art.
This post was originally published on the Cardozo Arts & Entertainment Law Journal website on November 22, 2022. The original post can be accessed via the Archived Link button above.
Donovan, Alissa, "The Acceptance of NFTs in the Art World" (2022). AELJ Blog. 336.