How NFTs are shaking up the art and music world
22 April 2021 | Applicable law: US | 14 minute listen
Episode 6 of Withers talks: cryptocurrency series
NFTs have fueled a boom in digital art, from established artists working in the new medium to athletes, influencers and others creating new collectibles that people are buying for millions of dollars, for example Twitter’s Jack Dorsey selling his first tweet ever as an NFT for over $2.9 million. In this episode of the Withers talks: cryptocurrency podcast, ‘How NFTs are shaking up the art and music world,’ podcast host Charles Kolstad is joined by Diana Wierbicki, head of our global art practice in Withers’ New York office, to discuss NFTs in art and music, including the buzz they are creating at the intersection of art and crypto and top considerations for individuals beginning to invest in them.
As Diana introduces in her early comments, an NFT, or non-fungible token, is a digital certificate of ownership and it can hold creative work like a song or a digital work of art. Artists sell digital work as NFTs to offer buyers a unique digital commodity that has been authenticated with blockchain technology. An investor holds the NFT in their digital wallet and experiences the digital art when they open it.
For people who are interested in buying or selling NFTs, what are the critical issues from a legal and regulatory perspective? What are the risks, tax considerations and is there insurance? What’s next in this space? Listen as Diana dispels the confusion around NFTs and discusses with Charles the NFT excitement from both the artist and investor, or art collector, perspectives.
You can read more about NFTs on our webpage, Clarity in a changing art market: NFTs.