Visual Art, Galleries, Collectibles, and NFTs

Fueled in part by the wealth recently created from digital currencies, major art dealers such as Christie’s and Sotheby’s have embraced the sale of non-fungible tokens attached to unique digital works of art. Non-fungible tokens, how they are related to the blockchain and short history so far about this rapidly evolving market for digital art is the subject of this Chapter. It appears that digital art can be added to the growing list of uses for blockchain technology now becoming a part of modern life.This article proceeds in five parts. First, the evolutionary progression of blockchain technology in the form of nonfungible tokens (NFTs) is acknowledged. Second, I explore the emergence of the market for digital art. Third, is an explanation and historical account of the history of digital art and recent issues. Fourth, is coverage about the abrupt decline in the market price for many NFTs. And last, I conclude.This dramatic extension of blockchain and other digital technology to the world of art represents a new and exciting platform for creative expression. This paper offers a valuable addition to the literature by providing a readable introduction and overview of what is now known about the likely impact of blockchain technology and non-fungible tokens to art. This important development should have a significant impact on the future of innovation and property law