A New York court has dismissed a case over an artist’s right to “the world’s first NFT” (non-fungible token), which sold for $1.5 million (£1.2 million) at Sotheby’s in 2021. It represents the first legal case in the US to examine how blockchain technology affects the ownership of digital art.
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On 28 February, the Christie’s 20th/21st Century: London Evening Sale offered Fidenza #724, a digital pigment print on paper which was sold accompanied by a NFT by the artist and software engineer Tyler Hobbs. Christie’s described the work as “channelling inspiration from art history and nature into innovative computer code.” The work exceeded its pre-sale estimate of £200,000-300,000, selling for £365,000. This sale is the latest in what seems to be a resurgence in the NFT and digital art market.
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Innovation in the virtual world, increasingly known to many as the metaverse, is constantly evolving.
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Damien Hirst is setting fire to almost £10 million worth of his own artwork after selling non-fungible token (NFT) versions of the pieces. The notorious artist revealed that the process of burning his physical art “feels good, better than I expected.”
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NFT.NYC, the international NFT (non-fungible tokens) industry conference, has kicked off in New York this week. There were more than 30 categories at the second annual NFT Awards in areas including visual arts, gaming and fashion.
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The High Court ruled last week that NFTs are now to be considered legal property, marking a significant step forward for victims of NFT theft, who will now be more confidently able to apply for an injunction when finding that their NFTs have been misappropriated.
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On Monday morning, the official Instagram account of a non-fungible token (NFT) collection suffered a major hack. It is estimated that a whopping $3 million (£2.4 million) worth of Bored Ape Yacht Club NFTs were taken during the mass theft.
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A thirteen-year-old has made nearly $7 million by selling NFTs of her illustrations of women which are designed to incorporate the designer’s trademark long necks. Hayes’ drawings include a number of famous women, both historical and living, such as Michelle Obama, Virginia Woolf, Ruth Bader Ginsburg, Greta Thunberg and Frida Kahlo. Hayes has said that the trademark long neck was inspired by her love as a child of brontosaurus dinosaurs.
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In the last year alone, the explosive success of NFTs (non-fungible tokens) has left many in the contemporary artworld baffled to say the least. But is crypto-art really ushering a new age of creativity or does it simply lack substance?
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