What follows is a guest post by Jack Simpson, and it is one of two pieces we are running on NFTs. See another take on NFTs here.
In recent weeks we’ve seen an exponential rise in discussion around NFTs (non-fungible tokens, for those who’ve missed any of this). In industries ranging from sport to art to music, bets are being made on NFTs being the next big thing. Proponents suggest they can return value to art in digital form by creating an artificial level of scarcity. In music, it has been suggested that they could be transformative for rights, and who gets paid. Sceptics argue that there is no “real” value being created, that NFTs represent yet another piece of crypto hyperbole. First, let’s look at some basics and then at two key areas: One, how could NFTs have an impact on creative work? And two, what are the merits of creating artificially scarce art?Continue reading