NFT’s and art blockchain: what exactly are we buying and buying in to? That is the question…
Insight Sam Miller · April 12, 2021
As the digital art Non-Fungible Token (NFT) boom rages on, and one Clubhouse session after the other waxes lyrical about decentralization and how we are on the cusp of disintermediating established art market protagonists, one really has to ask what actually is this whole thing about?
Having been shouted down once too often for suggesting that established auction houses, dealers and galleries are here to stay, as bastions and market-makers, as they have been for centuries, one could be forgiven for thinking that this all sounds a bit cultish in its adoption and fervor. Granted it was our error in joining a room called ‘for the love of NFT’s’ or something like that.
The thing is that if one actually looks at what we are buying when we click and send an unearthly sum of Eth across the distributed landscape into the wallet of an ever-so-centralized platform that mints and cultivates the market for these works of digital art, many may be surprised as to how NFT’s (or Nifty’s) are structured.
Sam advises clients on corporate acquisitions and disposals, corporate finance, corporate and partnership structuring and shareholder, operating and buy-sell arrangements, general corporate matters, fine art and cultural property, supply, distribution, and consignment and inventory management arrangements, and other commercial transactions. Read more about Sam Miller here.
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