•ABC News’ Deirdre Bolton examines the nonfungible token frenzy, whether it’s a bubble or the next big investment, and talks to the biggest seller of digital art and the buyer of his work.LONDON -- The meteoric rise of Bitcoin and other cryptocurrencies has seen many once skeptical institutions embrace a digital alternative to traditional currency.
In addition, a host of major brands have entered the market with a diverse array of companies including the NBA, Breitling watches, LVMH, Nike, Formula 1 and Real Madrid among the big names launching NFT projects. Fraile made headlines last year for selling a Beeple digital artwork, comprising a roughly 10-second video clip that can be viewed for free online, for some $6.6 million, after paying around $67,000 for the work just months before.
“They [NFTs] don't give you any rights other than bragging rights,” Nicholas Weaver, a lecturer in computer science and a researcher at UC Berkeley’s International Computer Science Institute.“[An NFT] doesn't actually convey any ownership rights. You don't gain copyright over the NFT. In reality, it's more like a baseball card. It's a cute little piece of paper.
“That doesn't mean, though, that you can't do that. The technology is so versatile that it allows you to encode into that sale, into the smart contracts that manages the NFT. It allows you to encode all kinds of things if you want, so you can actually put a copyright clause there that then specifies how you can actually use that NFT,” she said.
Describing his digital art as a creative outlet rather than a full-time job, Jay told ABC News that he has sold around 20 unique pieces, some of which he has sold multiple editions of, for around $4,000 to $6,000 worth of cryptocurrency.“I can't overstate how much of a difference this makes,” he told ABC News.
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