The Meteoric Rise of the NFT Auction MarketThe Meteoric Rise of the NFT Auction Market

A long with many, you may be confused by non-fungible tokens (NFTs) and how they fit within the art and collectibles auction ecosystem. NFTs are: (1) code minted with digital content; and (2) a blockchain describing the creation and ownership of the underlying digital asset. Are NFTs a billion dollar scam or the future cannibalizing the art market? Or something in between?

NFT Basics

NFTs are unique art, gaming, collectible, one-of-a-kind things, unlike cryptocurrency, which is fungible and can be traded. NFTs can also be multiples of the same content, such as prints and multiples in the fine art world. NFTs can be anything digitally minted—static or dynamic, with or without sound. These tokens have put a new wrinkle on the meaning of owne...