TOBY SHAPSHAK: Art prospers amid blockchain boom
The latest tech and investing craze is good news for artists, however odd the idea of owning easily replicated digi-art
If you haven’t already heard about them, nonfungible tokens (NFTs) are the hottest thing since, well, Clubhouse. The audio-only app, which eschews recordings for live-only conversations, is perhaps a fitting comparison for NFTs, and equally ethereal.
An NFT is the closest we’ve come so far to creating digital ownership of something digital. A token is named for something on a blockchain, and as the name implies, it represents something — in this case, a digital piece of art or music. Fungible means something that can be exchanged for something else of the same kind...