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|---|---|
| URL | https://en.wikipedia.org/wiki/Non-fungible_token |
| Last Crawled | 2026-04-10 02:02:17 (8 hours ago) |
| First Indexed | 2018-07-15 06:15:33 (7 years ago) |
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| Meta Title | Non-fungible token - Wikipedia |
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| Boilerpipe Text | Illustration of a non-fungible token generated by a
smart contract
(a program designed to automatically execute contract terms)
A
non-fungible token
(
NFT
) is a unique digital identifier that is recorded on a
blockchain
and is used to certify ownership and authenticity. They typically contain references to
digital files
such as artworks, photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from
cryptocurrencies
(which are
fungible
, hence the name non-fungible token), and as a result they can't be copied, substituted, or subdivided.
[
1
]
Their ownership can be transferred by the owner, allowing NFTs to be sold and traded.
Initially pitched in 2017 as a new class of
investment
asset, NFT trading increased from US$82 million in 2020 to US$17 billion in 2021.
[
2
]
Its market was occasionally compared to an
economic bubble
or a
Ponzi scheme
.
[
3
]
In 2022, the NFT market collapsed; a May 2022 estimate was that the number of sales was down over 90% compared to 2021. By September 2023 one report claimed that over 95% of NFT collections had zero
monetary value
.
[
4
]
[
5
]
Proponents claim that NFTs provide a public
certificate of authenticity
or
proof of ownership
, but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning and does not necessarily grant
copyright
,
intellectual property
rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file and does not prevent the creation of NFTs that reference identical files. NFTs have been used as
speculative
investments and have drawn criticism for the energy cost and
carbon footprint
associated with some types of blockchain, as well as their use in
art scams
.
[
6
]
Characteristics
An NFT is a data file, stored on a type of digital ledger called a blockchain, which can be sold and traded.
[
7
]
The NFT can be associated with a particular asset – digital or physical – such as an image, art, music, or recording of a sports event.
[
8
]
It may confer licensing rights to use the asset for a specified purpose.
[
9
]
An NFT (and, if applicable, the associated license to use, copy, or display the underlying asset) can be traded and sold on digital markets.
[
10
]
However, the extralegal nature of NFT trading usually results in an informal exchange of ownership over the asset that has no legal basis for enforcement,
[
11
]
and so often confers little more than use as a status symbol.
[
12
]
NFTs function like
cryptographic
tokens, but unlike cryptocurrencies, NFTs are not usually mutually interchangeable, so they are not
fungible
. A non-fungible token contains data links, for example which point to details about where the associated art is stored, that can be affected by
link rot
.
[
13
]
Copyright
A diagram showing the right to own a non-fungible token and linked file. In most cases, it is heavily dependent on the token's smart contract.
An NFT solely represents a proof of ownership of a blockchain record and does not necessarily imply that the owner possesses intellectual property rights to the digital asset the NFT purports to represent.
[
14
]
[
15
]
[
16
]
Someone may sell an NFT that represents their work, but the buyer will not necessarily receive copyright to that work, and the seller may not be prohibited from creating additional NFT copies of the same work.
[
17
]
[
18
]
According to legal scholar
Rebecca Tushnet
, "In one sense, the purchaser acquires whatever the art world thinks they have acquired. They definitely do not own the copyright to the underlying work unless it is explicitly transferred."
[
19
]
Certain NFT projects, such as
Bored Apes
, explicitly assign intellectual property rights of individual images to their respective owners.
[
20
]
The NFT collection
CryptoPunks
was a project that initially prohibited owners of its NFTs from using the associated digital artwork for commercial use, but later allowed such use upon acquisition by the collection's parent company.
[
21
]
History
Early projects
The first known NFT,
Quantum
,
[
22
]
was created by
Kevin McCoy
and
Anil Dash
in May 2014. It consists of a video clip made by McCoy's wife, Jennifer. McCoy registered the video on the
Namecoin
blockchain and sold it to Dash for $4, during a live presentation for the
Seven on Seven
conferences at the
New Museum
in New York City. McCoy and Dash referred to the technology as "monetized graphics".
[
23
]
This explicitly linked a non-fungible, tradable blockchain marker to a work of art, via on-chain metadata (enabled by Namecoin).
[
24
]
In October 2015, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum's first developer conference, three months after the launch of the
Ethereum
blockchain. Most of Etheria's 457 purchasable and tradable hexagonal tiles went unsold for more than five years until March 13, 2021, when renewed interest in NFTs sparked a buying frenzy. Within 24 hours, all tiles of the current version and a prior version, each hardcoded to 1 ETH (
US$
0.43 at the time of launch) were sold for a total of
US$
1.4 million.
[
25
]
In 2016,
Rare Pepes,
a "semi-fungible" NFT project centered around the
Pepe the Frog meme
, which involved a collective of artists contributing their works into a curated directory, emerged on Bitcoin through a protocol known as
Counterparty
, which had been created in 2014 and used to create other assets.
[
26
]
In 2017, several NFT projects emerged on Ethereum that utilized a "fungible" token standard known as ERC-20.
Curio Cards
in May of that year is credited with being Ethereum's first art NFT project using the fungible standard and features artwork in the shape of a card among a variety of image types, including satirized corporate logos.
[
27
]
The
generative art
project of 10,000 pixelated characters known as
CryptoPunks
emerged soon after in June and would later establish itself as one of the most commercially successful NFT projects.
[
28
]
In December, a
clipart
based collection featuring images of rocks called
EtherRock
emerged.
[
29
]
In November 2017, the widely acclaimed
blockchain game
on Ethereum known as
CryptoKitties
launched, and is credited with pioneering what is considered to be the first bona fide non-fungible token standard, known as ERC-721.
[
30
]
It used an early version of ERC-721 that differed from the formally published version of the standard in 2018.
[
31
]
ERC-721: Non-Fungible Token Standard
While experiments around non-fungibility have existed on blockchains since as early as 2012 with
Colored Coins
on Bitcoin,
[
32
]
a community-driven paper called
ERC-721: Non-Fungible Token Standard
was published in 2018 under the initiative of
civic hacker
and lead author
William Entriken
[
33
]
and is recognized as pioneering the foundation for NFTs and enabling the growth of the wider eco-system.
[
34
]
It introduced the formalization and defining of the term
Non-Fungible Token
"NFT" in blockchain nomenclature by establishing a standard for
smart contracts
known as "ERC-721" whose tokens would have unique attributes and ownership details, ensuring no two tokens are alike.
[
35
]
The creation of derivative standards followed from its influence on Ethereum (like ERC-1155 enabling semi-fungibility) and other blockchains.
[
36
]
Its versatility enabled the pioneering of numerous use cases, including digital artwork, deeds to physical items, real estate (including virtual), access passes, and game assets.
[
37
]
Ultimately, the emergence of
ERC-721
is recognized for having fundamentally changed the landscape of digital verification, authentication, and ownership.
[
38
]
Origins of the term "NFT" and its adoption
The term NFT, prior to the blockchain game
CryptoKitties'
adoption of ERC-721, is not known to have been used for earlier projects.
[
39
]
Through discussion among stakeholders for the ERC-721 draft, the word
deed
was given consideration among other alternatives including
distinguishable asset, title, token, asset, equity, ticket.
[
40
]
Ultimately, through Entriken's initiative under the moniker "Fulldecent," a vote was held during the paper's drafting phase to decide which word would be used in the published version and "NFT" was chosen by the stakeholders.
[
41
]
The term "NFT" and the awareness of the ERC-721 standard received significant exposure and adopted use through the popularity of
CryptoKitties
in 2017.
[
39
]
While using the standard,
CryptoKitties
earned the recognition of being the first mainstream NFT dApp;
[
42
]
the game's usage was significant enough to have overwhelmed Ethereum's processing power at the time.
[
43
]
Influence
During the height of the breakout success of
CryptoKitties
and the emergence of ERC-721 tokens in 2017, an NFT marketplace called OpenSea emerged to capitalize off of the new non-fungible token standard.
[
44
]
It positioned itself early in the NFT market landscape and grew to a $1.4 billion market cap in 2021 during the then-ongoing NFT boom.
[
45
]
In 2021,
ArtReview's
Power 100
ranked ERC-721 at the #1 spot, praising it as "the most powerful art entity in the world" for creating a new kind of market for artworks that deviated from traditional gatekeeping norms and ushered in a different kind of collector.
[
46
]
Artist
Beeple
sold an ERC-721 NFT of his composite artwork known as
Everydays: The First 5000 Days
at
Christie's
for $69 million and was the first instance of a legacy arthouse dealing in NFTs.
[
47
]
General NFT market
The NFT market experienced rapid growth during 2020, with its value tripling to
US$
250 million.
[
48
]
In the first three months of 2021, more than
US$
200 million were spent on NFTs.
[
49
]
In the early months of 2021, interest in NFTs increased after a number of high-profile sales and art auctions.
[
50
]
In May 2022,
The Wall Street Journal
reported that the NFT market was "collapsing". Daily sales of NFT tokens had declined 92% from September 2021, and the number of active wallets in the NFT market fell 88% from November 2021. While rising interest rates had impacted risky bets across the financial markets, the
Journal
said "NFTs are among the most speculative."
[
51
]
In December 2022, a programmer named Casey Rodarmor introduced a new way to add NFTs to the Bitcoin blockchain called "ordinals". By February 2023, the popularity of ordinals had led to an increase in bitcoin's payment fees and may have also partially contributed to an increase in bitcoin's price.
[
52
]
A September 2023 report from cryptocurrency gambling website dappGambl claimed 95% of NFTs had fallen to zero monetary value and 79% of all NFT collections have remained unsold.
[
4
]
[
5
]
Uses
Commonly associated files
NFTs have been used to exchange digital tokens that link to a digital file asset. Ownership of an NFT is often associated with a license to use such a linked digital asset but generally does not confer the copyright to the buyer. Some agreements only grant a license for personal, non-commercial use, while other licenses also allow commercial use of the underlying digital asset.
[
53
]
This kind of decentralized intellectual copyright poses an alternative to established forms of safeguarding copyright controlled by state institutions and middlemen within the respective industry.
[
54
]
Digital art
Digital art
is a common use case for NFTs.
[
55
]
High-profile auctions of NFTs linked to digital art have received considerable public attention; the first such major house auction took place at Christie's in 2021.
[
56
]
The work entitled
Merge
by artist
Pak
was the most expensive NFT, with an auction price of
US$
91.8 million
[
57
]
and
Everydays: the First 5000 Days
, by artist
Mike Winkelmann
(known professionally as Beeple) the second most expensive at
US$
69.3 million in 2021.
[
10
]
[
58
]
Some digital art NFTs, like these
pixel art
characters, are examples of
generative art
.
Some NFT collections, including Bored Apes, EtherRocks, and CryptoPunks, are examples of
generative art
, where many different images are created by assembling a selection of simple picture components in different combinations.
[
59
]
In March 2021, the blockchain company Injective Protocol bought a $95,000 original screen print entitled
Morons (White)
from English graffiti artist
Banksy
and filmed somebody burning it with a
cigarette lighter
. They uploaded (known as "minting" in the NFT scene) and sold the video as an NFT.
[
60
]
[
61
]
The person who destroyed the artwork, who called themselves "Burnt Banksy", described the act as a way to transfer a physical work of art to the NFT space.
[
61
]
American curator and art historian
Tina Rivers Ryan
, who specializes in digital works, said that art museums are widely not convinced that NFTs have "lasting cultural relevance."
[
62
]
Ryan compares NFTs to the
net art
fad before the
dot-com bubble
.
[
63
]
[
64
]
In July 2022, after the controversial sale of
Michelangelo
's
Doni Tondo
in Italy, the sale of NFT reproductions of famous artworks was prohibited in Italy. Given the complexity and lack of regulation of the matter, the
Ministry of Culture
of Italy temporarily requested that its institutions refrain from signing contracts involving NFTs.
[
65
]
No centralized means of authentication exists to prevent stolen and counterfeit digital works from being sold as NFTs, although auction houses like
Sotheby's
,
Christie's
, and various museums and galleries worldwide started collaborations and partnerships with digital artists such as
Refik Anadol
,
Dangiuz
and
Sarah Zucker
.
NFTs associated with digital artworks could be sold and bought via NFT platforms.
OpenSea
, launched in 2017, was one of the first marketplaces to host various types of NFTs.
[
66
]
[
67
]
In July 2019, the
National Basketball Association
, the NBA Players Association and Dapper Labs, the creator of
CryptoKitties
, started a joint venture NBA Top Shot for basketball fans that let users buy NFTs of historic moments in basketball.
[
68
]
[
69
]
In 2020, Rarible was found, allowing multiple assets. In 2021, Rarible and
Adobe
formed a partnership to simplify the verification and security of metadata for digital content, including NFTs.
[
66
]
In 2021, a cryptocurrency exchange
Binance
, launched its NFT marketplace.
[
70
]
In 2022, eToro Art by
eToro
was founded, focusing on supporting NFT collections and emerging creators.
[
66
]
[
71
]
Sotheby's
and
Christie's
auction houses showcase artworks associated with the respective NFTs both in virtual galleries and physical screens, monitors, and TVs.
[
72
]
[
73
]
[
74
]
Mars House, an architectural NFT created in May 2020 by artist
Krista Kim
, sold in 2021 for 288 Ether (ETH) — at that time equivalent to US$524,558.
[
75
]
Games
NFTs can represent
in-game assets
. Some commentators describe these as being controlled "by the user" instead of the
game developer
[
76
]
if they can be traded on third-party marketplaces without permission from the game developer. Their reception from game developers, though, has been generally mixed, with some like
Ubisoft
embracing the technology but
Valve
and
Microsoft
formally prohibiting them.
[
77
]
CryptoKitties was an early successful blockchain online game in which players adopt and trade virtual cats. The monetization of NFTs within the game raised a $12.5 million investment, with some kitties selling for over $100,000 each.
[
78
]
[
79
]
[
80
]
[
81
]
Following its success, CryptoKitties was added to the ERC-721 standard, which was created in January 2018 (and finalized in June).
[
82
]
[
83
]
In October 2021,
Valve Corporation
banned applications from their
Steam
platform if those applications use
blockchain
technology or NFTs to exchange value or game artifacts.
[
84
]
In December 2021,
Ubisoft
announced Ubisoft Quartz, "an NFT initiative which allows people to buy artificially scarce digital items using cryptocurrency". The announcement was heavily criticized by audiences, with the Quartz announcement video attaining a dislike ratio of 96% on YouTube. Ubisoft subsequently unlisted the video from YouTube.
[
85
]
[
86
]
The announcement was also criticized internally by Ubisoft developers.
[
87
]
[
88
]
[
89
]
The
Game Developers Conference
's 2022 annual report stated that 70 percent of developers surveyed said their studios had no interest in integrating NFTs or cryptocurrency into their games.
[
90
]
[
91
]
Some luxury brands minted NFTs for online video game cosmetics.
[
92
]
In November 2021, investment firm
Morgan Stanley
published a note claiming that this could become a US$56 billion market by 2030.
[
93
]
In July 2022, Mojang Studios announced that NFTs would not be permitted in
Minecraft
, saying that they went against the game's "values of creative inclusion and playing together".
[
94
]
Music
and film
NFTs have been proposed for use within the film-industry as a way to tokenize movie-scenes and sell them as collectibles in the form of NFTs.
[
95
]
Artists involved in the entertainment-industry can seek royalties through NFTs.
[
96
]
So far, NFTs have often been used in both the music- as well as the film-industry.
In May 2018,
20th Century Fox
partnered with Atom Tickets and released limited-edition
Deadpool 2
digital posters to promote the film. They were available from OpenSea and the GFT exchange.
[
97
]
In March 2021,
Adam Benzine
's 2015 documentary
Claude Lanzmann: Spectres of the Shoah
became the first motion picture and documentary film to be auctioned as an NFT.
[
98
]
Other examples of NFTs being used in the film-industry include a collection of NFT-artworks for
Godzilla vs. Kong
,
[
99
]
the release of both
Kevin Smith
's horror-movie
KillRoy Was Here
, and the 2021 film
Zero Contact
as NFTs in 2021.
[
100
]
In September 2021,
Shakira
released an NFT collection named
La Caldera
, which features four pieces each with animated digital art and an audio piece produced by Shakira.
[
101
]
[
102
]
[
103
]
[
104
]
In November 2021, film director
Quentin Tarantino
released seven NFTs based on uncut scenes of
Pulp Fiction
.
Miramax
subsequently filed a lawsuit claiming that their film rights were violated and that the original 1993 contract with Tarantino gave them the right to mint NFTs in relation to
Pulp Fiction
.
[
105
]
In August 2022,
Muse
released album
Will of the People
as 1,000 NFTs; it became the first album for which NFT sales would qualify for the UK and Australian charts.
[
106
]
[
107
]
By February 2021, NFTs accounted for
US$
25 million of revenue generated through the sale of artwork and songs as NFTs.
[
108
]
On February 28, 2021, electronic dance musician
3lau
sold a collection of 33 NFTs for a total of
US$
11.7 million to commemorate the three-year anniversary of his
Ultraviolet
album.
[
109
]
[
110
]
On March 3, 2021, an NFT was made to promote the
Kings of Leon
album
When You See Yourself
.
[
111
]
[
112
]
[
113
]
Other musicians who have used NFTs include American rapper
Lil Pump
,
[
114
]
[
115
]
[
116
]
Grimes
,
[
117
]
visual artist
Shepard Fairey
in collaboration with record producer
Mike Dean
,
[
118
]
and rapper
Eminem
.
[
119
]
A paper presented at the
40th International Conference on Information Systems
in
Munich
in 2019 suggested using NFTs as tickets for different types of events.
[
120
]
This would enable organizers of the respective events or artists performing there to receive royalties on the resale of each ticket.
[
121
]
Other associated files
A number of
internet memes
have been associated with NFTs, which were minted and sold by their creators or by their subjects.
[
122
]
Examples include
Doge
, an image of a
Shiba Inu
dog,
[
123
]
as well as
Charlie Bit My Finger
,
[
124
]
Nyan Cat
,
[
125
]
[
126
]
and
Disaster Girl
.
[
127
]
Some virtual worlds, often
marketed
as
metaverses
, have incorporated NFTs as a means of trading virtual items and virtual real estate.
[
128
]
Some
pornographic
works have been sold as NFTs, though hostility from NFT marketplaces towards pornographic material has presented significant drawbacks for creators.
[
129
]
[
130
]
By using NFTs people engaged in this area of the entertainment-industry are able to publish their works without third-party platforms being able to delete them.
[
131
]
The first credited political protest NFT ("Destruction of Nazi Monument Symbolizing Contemporary Lithuania") was a video filmed by Professor Stanislovas Tomas on April 8, 2019, and minted on March 29, 2021. In the video, Tomas uses a sledgehammer to destroy a state-sponsored Lithuanian plaque located on the
Lithuanian Academy of Sciences
honoring Nazi war criminal
Jonas Noreika
.
[
132
]
In 2020, CryptoKitties developer Dapper Labs released the NBA TopShot project, which allowed the purchase of NFTs linked to basketball highlights.
[
133
]
The project was built on top of the Flow blockchain.
[
134
]
In March 2021 an NFT of
Twitter
founder
Jack Dorsey
's first-ever tweet sold for $2.9 million. The same NFT was listed for sale in 2022 at $48 million, but only achieved a top bid of $280.
[
135
]
On December 15, 2022,
Donald Trump
, former
president of the United States
, announced a line of NFTs featuring images of himself for $99 each.
[
136
]
It was reported that he made between $100,001 and $1 million from the scheme.
[
137
]
In April 2023, a group visited the
British Museum
to take extensive 3D photographs of the
Rosetta Stone
so it could be recreated as an NFT.
[
138
]
Use cases of NFTs in science and medicine
NFTs have been proposed for purposes related to scientific and medical purposes.
[
139
]
Suggestions include turning patient data into NFTs,
[
140
]
tracking supply chains
[
141
]
and minting patents as NFTs.
[
142
]
The monetary aspect of the sale of NFTs has been used by academic institutions to finance research projects.
George M. Church sold NFTs of an "artistic representation" of his genome and likeness in 2022.
The
University of California, Berkeley
announced in May 2021 its intention to auction NFTs of two patents of inventions for which the creators had received a
Nobel Prize
: the patents for
CRISPR gene editing
and
cancer immunotherapy
. The university would, however, retain ownership of the patents.
[
143
]
[
144
]
85% of funds gathered through the sale of the collection were to be used to finance research.
[
145
]
[
146
]
The collection included handwritten notices and faxes by
James Allison
and was named
The Fourth Pillar
. It sold in June 2022 for 22 Ether, about
US$
54,000 at the time.
[
147
]
George Church
, a US geneticist, announced his intention to sell his
DNA
via NFTs and use the profits to finance research conducted by
Nebula Genomics
. In June 2022, 20 NFTs with his likeness were published instead of the originally planned NFTs of his DNA due to the market conditions at the time.
[
139
]
Despite mixed reactions, the project is considered to be part of an effort to use the genetic data of 15,000 individuals to support genetic research. By using NFTs the project wants to ensure that the users submitting their genetic data are able to receive direct payment for their contributions.
[
139
]
[
148
]
Several other companies have been involved in similar and often criticized efforts to use blockchain-based genetic data in order to guarantee users more control over their data and enable them to receive direct financial compensation whenever their data is being sold.
[
147
]
Molecule Protocol, a project based in Switzerland, is trying to use NFTs to digitize the intellectual copyright of individual scientists and research teams to finance research.
[
149
]
The project's whitepaper explains the aim is to represent the copyright of scientific papers as NFTs and enable their trade between researchers and investors on a future marketplace.
[
150
]
The project was able to raise
US$
12 million in seed money in July 2022.
[
149
]
A similar approach has been announced by RMDS Lab.
[
151
]
Speculation
NFTs representing digital collectables and artworks are a
speculative asset
.
[
152
]
The NFT buying surge was called an
economic bubble
by experts, who also compared it to the
Dot-com bubble
.
[
153
]
[
154
]
In March 2021
Mike Winkelmann
called NFTs an "irrational exuberance bubble".
[
155
]
By mid-April 2021, demand subsided, causing prices to fall significantly.
[
156
]
Financial theorist
William J. Bernstein
compared the NFT market to 17th-century
tulip mania
, saying any
speculative bubble
requires a technological advance for people to "get excited about", with part of that enthusiasm coming from the extreme predictions being made about the product.
[
157
]
For regulatory policymakers, NFTs have exacerbated challenges such as speculation, fraud, and high volatility.
[
158
]
Money laundering
NFTs, as with other blockchain securities and with traditional art sales, can potentially be used for
money laundering
.
[
159
]
NFTs can be used for
wash trading
by creating several
wallets
for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.
[
160
]
According to a report by
Chainalysis
these types of wash trades are becoming popular among money launderers because of the largely anonymous nature of transactions on NFT marketplaces.
[
161
]
[
162
]
[
163
]
Looksrare
, created in early 2022, came to be known for the large sums generated through the sale of NFTs in its earliest days, amounting to
US$
400,000,000 a day. These large sums were generated in large part through wash trading.
[
163
]
The
Royal United Services Institute
said that any risks in relation to money laundering through NFTs could be mitigated through the use of "
KYC
best practices, strong cyber security measures and a stolen art registry (...) without restricting the growth of this new market".
[
159
]
Auction platforms for NFTs may face regulatory pressure to comply with anti-money laundering legislation. Gou Wenjun, the director of a monitoring centre for the
People's Bank of China
, said that NFTs could "easily become money-laundering tools". He pointed to unlawful exploitation of cryptographic technologies and said that illicit actors often presented themselves as innovators in financial technology.
[
164
]
A 2022 study from the
United States Treasury
assessed that there was "some evidence of money laundering risk in the high-value art market", including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)".
[
165
]
The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding the transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to
Financial Crimes Enforcement Network
regulations.
[
166
]
In March 2022, two people were charged for the execution of a million-dollar NFT scheme through
wire fraud
.
[
167
]
The
European Commission
announced in July 2022 that it was planning to draw up regulations to combat money laundering by 2024.
[
168
]
[
169
]
Other uses
In 2019,
Nike
patented a system called CryptoKicks that would use NFTs to verify the authenticity of its physical products and would give a virtual version of the shoe to the customer.
[
170
]
Certain NFT releases have also added exclusivity to the NFT utility, including access to private online clubs.
[
171
]
[
172
]
Different academic work and practical applications suggest to use NFTs to license software and to transfer source code copyright ownership via NFTs.
[
173
]
[
174
]
Standards in blockchains
Several blockchains have added support for NFTs since Ethereum created its ERC-721 standard.
[
175
]
[
176
]
ERC-721 is an "inheritable"
smart contract
standard, which means that developers can create contracts by copying from a reference implementation. ERC-721 provides core methods that allow tracking the owner of a unique identifier, as well as a way for the owner to transfer the asset to others.
[
175
]
Another standard, ERC-1155, offers "semi-fungibility" whereby a token represents a class of interchangeable assets.
[
177
]
Issues and criticisms
Unenforceability of content ownership
As an image on the web, the digital art linked to a non-fungible token may be saved like any other picture file.
Because the contents of NFTs are publicly accessible, anybody can easily copy a file referenced by an NFT. Furthermore, the ownership of an NFT on the blockchain does not inherently convey legally enforceable intellectual property rights to the file.
It has become well known that an NFT image can be copied or saved from a web browser by using a
right click menu
to download the referenced image. NFT supporters disparage this duplication of NFT artwork as a "right-clicker mentality". One collector quoted by
Vice
compared the value of a purchased NFT (in contrast to an unpurchased copy of the underlying asset) to that of a
status symbol
"to show off that they can afford to pay that much".
[
12
]
The "right-clicker mentality" phrase spread virally after its introduction, particularly among those who were critical of the NFT marketplace and who appropriated the term to flaunt their ability to capture digital art backed by NFT with ease.
[
12
]
This criticism was promoted by Australian programmer Geoffrey Huntley who created "The NFT Bay", modeled after
The Pirate Bay
. The NFT Bay advertised a
torrent file
purported to contain 19
terabytes
of digital art NFT images. Huntley compared his work to an art project from
Pauline Pantsdown
and hoped the site would help educate users on what NFTs are and are not.
[
178
]
The ease of copying NFT content highlights broader legal challenges related to "tokenization," the process by which NFTs purport to represent ownership of underlying assets. Prior to recent legal reforms, such as the 2022 amendments to the
Uniform Commercial Code
(UCC) in the United States, tokenization faced significant hurdles under traditional property law. Legal scholars have noted that NFTs did not inherently embody ownership rights enforceable against third parties, as the blockchain record alone does not align with established legal frameworks for property.
[
179
]
For example, if an NFT claims to represent ownership of digital art, but the art is transferred separately to another party, the NFT holder may lack a legal basis to reclaim it, leaving them with only a contractual claim against the issuer rather than a property right in the asset itself.
[
179
]
This issue stems from the
numerus clausus
principle, a cornerstone of property law that limits the types of property rights to a finite, standardized list recognized by law. Historically, tokenization mechanisms—like negotiable instruments or bills of lading—required specific legal recognition to function as enforceable representations of rights in underlying assets. Without such recognition, NFTs struggled to fit within these constraints, as parties could not create new property rights at will.
[
179
]
In the U.S., the UCC's Article 12, introduced in 2022, addresses this by classifying NFTs as "controllable electronic records" (CERs), a new category of personal property that can be owned, transferred, and used as collateral with legal clarity. This reform enables tokenization under specific conditions, such as when an NFT represents a "controllable account" (e.g., a payment right), provided the underlying debtor agrees to honor the controller of the CER.
[
180
]
However, for digital art or other assets without such agreements, the disconnect between NFT ownership and enforceable content rights persists, reinforcing the "right-clicker" critique that blockchain ownership does not guarantee control over the underlying file.
[
179
]
[
180
]
Storage off-chain
NFTs that represent digital art generally do not store the associated artwork file on the blockchain due to the large size of such a file and the limited processing speed of blockchains. Such a token functions like a certificate of ownership, with a
web address
that points to the piece of art in question; this however makes the art itself vulnerable to
link rot
.
[
23
]
Environmental concerns
NFT purchases and sales have been enabled by the high energy usage, and consequent
greenhouse gas emissions
, associated with some kinds of blockchain transactions.
[
181
]
Though all forms of Ethereum transactions have had an impact on the environment, the direct impact of these transaction has also depended on the size of the transaction.
[
182
]
The
proof-of-work
protocol required to regulate and verify blockchain transactions on networks (including Ethereum until 2022) consumes a large amount of electricity.
[
183
]
[
184
]
To estimate the carbon footprint of a given NFT transaction requires a variety of assumptions or estimations about the manner in which that transaction is set up on the blockchain, the economic behavior of blockchain miners (and the energy demands of their mining equipment),
[
185
]
and the amount of renewable energy being used on these networks.
[
186
]
There are also conceptual questions, such as whether the carbon footprint estimate for an NFT purchase should incorporate some portion of the ongoing energy demand of the underlying network, or just the marginal impact of that particular purchase.
[
187
]
An analogy might be the carbon footprint associated with an additional passenger on a given airline flight.
[
181
]
In 2022, Ethereum cut its energy usage by 99.99 percent by switching to
proof of stake
.
[
188
]
[
189
]
Other approaches to reducing electricity include the use of off-chain transactions as part of minting an NFT.
[
181
]
Some NFT markets have offered the option of buying carbon offsets when making NFT purchases, although the environmental benefits of this have been questioned.
[
190
]
In some instances, NFT artists have decided against selling some of their own work to limit carbon emission contributions.
[
191
]
Artist and buyer fees
Sales platforms charge artists and buyers fees for minting, listing, claiming, and secondary sales. Analysis of NFT markets in March 2021, in the immediate aftermath of Beeple's "Everydays: the First 5000 Days" selling for
US$
69.3 million, found that most NFT artworks were selling for less than
US$
200, with a third selling for less than
US$
100.
[
192
]
Those selling NFTs below $100 were paying platform fees between 72.5% and 157.5% of that amount. On average the fees make up 100.5% of the price, meaning that such artists were on average paying more money in fees than they were making in sales.
[
192
]
Plagiarism and fraud
There have been cases of artists and creators having their work sold by others as an NFT without permission.
[
193
]
After the artist Qing Han died in 2020, her identity was assumed by a fraudster and a number of her works became available for purchase as NFTs.
[
194
]
Similarly, a seller posing as Banksy succeeded in selling an NFT supposedly made by the artist for $336,000 in 2021; the seller refunded the money after the case drew media attention.
[
195
]
Voiceverse NFT plagiarism scandal
In January 2022, the first instance of
speech synthesis
NFT plagiarism and fraud occurred when an NFT company called
Voiceverse
was discovered to have stolen content from
15.ai
, a non-commercial
text-to-speech
project. Log files revealed that Voiceverse had generated voice lines of
Twilight Sparkle
and
Rainbow Dash
using 15.ai, pitched them up to sound unrecognizable, promoted them as the byproduct of their own technology, and sold them as NFTs without permission. When confronted, Voiceverse stated that someone on their marketing team had used the voice without proper attribution.
[
196
]
[
197
]
[
198
]
[
199
]
The
developer of 15.ai
, who had previously stated their opposition to NFTs a month prior to the incident,
[
196
]
responded with a
tweet
saying "Go fuck yourself," which went
viral
and gained widespread support.
[
200
]
The anonymity associated with NFTs and the ease with which they can be forged make it difficult to pursue legal action against NFT plagiarists.
[
201
]
In February 2023, artist Mason Rothschild was ordered to pay $133,000 in damages to
Hermès
by a New York court, after a jury sided with the copyright holder, for his 2021 digital depictions of the brand's
Birkin handbag
.
[
202
]
Some NFT marketplaces responded to cases of plagiarism by creating "takedown teams" to respond to artist complaints. The NFT marketplace OpenSea has rules against plagiarism and
deepfakes
(non-consensual intimate imagery). Some artists criticized OpenSea's efforts, saying they are slow to respond to takedown requests and that artists are subject to support scams from users who claim to be representatives of the platform.
[
74
]
Others argue that there is no market incentive for NFT marketplaces to crack down on plagiarism.
[
201
]
A process known as "sleepminting" allows a fraudster to mint an NFT in an artist's wallet and transfer it back to their own account without the artist becoming aware.
[
203
]
This allowed a
white hat
hacker to mint a fraudulent NFT that had seemingly originated from the wallet of the artist
Beeple
.
[
203
]
Plagiarism concerns led the art website
DeviantArt
to create an algorithm that compares user art posted on the DeviantArt website against art on popular NFT marketplaces. If the algorithm identifies art that is similar, it notifies and instructs the author how they can contact NFT marketplaces to request that they take down their plagiarized work.
[
74
]
The BBC reported a case of insider trading when an employee of the NFT marketplace OpenSea bought specific NFTs before they were launched, with prior knowledge those NFTs would be promoted on the company's home page. NFT trading is an unregulated market in which there is no legal recourse for such abuses.
[
204
]
When
Adobe
announced they were adding NFT support to their graphics editor
Photoshop
, the company proposed creating an
InterPlanetary File System
database as an alternative means of establishing authenticity for digital works.
[
205
]
The price paid for specific NFTs and the sales volume of a particular NFT author may be artificially inflated by
wash trading
, which is prevalent due to a lack of government regulation on NFTs.
[
206
]
[
207
]
Security
In January 2022, it was reported that some NFTs were being exploited by sellers to unknowingly gather users'
IP addresses
. The "exploit" works via the off-chain nature of NFT, as the user's computer automatically follows a web address in the NFT to display the content. The server at the address can then log the IP address and, in some cases, dynamically alter the returned content to show the result. OpenSea has a particular vulnerability to this loophole because it allows HTML files to be linked.
[
208
]
Pyramid/Ponzi scheme claims
Critics compare the structure of the NFT market to a
pyramid
or Ponzi scheme, in which early adopters profit at the expense of those buying in later.
[
209
]
In June 2022,
Bill Gates
stated his belief that NFTs are "100% based on
greater fool theory
".
[
210
]
"Rug pull" exit scams
A "rug pull" is a scam, similar to an
exit scam
or a
pump and dump
scheme, in which the developers of an NFT or other blockchain project hype the value of a project to pump up the price of the NFT and then suddenly sell all their tokens to lock in massive profits or otherwise abandon the project while removing liquidity, permanently destroying the value of the project and leaving investors without their initial investment.
[
211
]
See also
Certificate of authenticity
Decentralized autonomous organization
Deed
William Entriken
, lead author of ERC-721
Title (property)
Web3
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For tickets to events, there is a secondary market where the seller can call an arbitrary price. There is a risk of purchasing invalid tickets. Regular tickets can also be copied and thus sold multiple times, although only one of them is valid. NFTs can guarantee the uniqueness and authenticity of the tickets
^
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## Contents
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- [1 Characteristics](https://en.wikipedia.org/wiki/Non-fungible_token#Characteristics)
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- [2\.1 Early projects](https://en.wikipedia.org/wiki/Non-fungible_token#Early_projects)
- [2\.2 *ERC-721: Non-Fungible Token Standard*](https://en.wikipedia.org/wiki/Non-fungible_token#ERC-721:_Non-Fungible_Token_Standard)
- [2\.2.1 Origins of the term "NFT" and its adoption](https://en.wikipedia.org/wiki/Non-fungible_token#Origins_of_the_term_"NFT"_and_its_adoption)
- [2\.2.2 Influence](https://en.wikipedia.org/wiki/Non-fungible_token#Influence)
- [2\.3 General NFT market](https://en.wikipedia.org/wiki/Non-fungible_token#General_NFT_market)
- [3 Uses](https://en.wikipedia.org/wiki/Non-fungible_token#Uses)
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- [3\.1 Commonly associated files](https://en.wikipedia.org/wiki/Non-fungible_token#Commonly_associated_files)
- [3\.1.1 Digital art](https://en.wikipedia.org/wiki/Non-fungible_token#Digital_art)
- [3\.1.2 Games](https://en.wikipedia.org/wiki/Non-fungible_token#Games)
- [3\.1.3 Music and film](https://en.wikipedia.org/wiki/Non-fungible_token#Music_and_film)
- [3\.1.4 Other associated files](https://en.wikipedia.org/wiki/Non-fungible_token#Other_associated_files)
- [3\.2 Use cases of NFTs in science and medicine](https://en.wikipedia.org/wiki/Non-fungible_token#Use_cases_of_NFTs_in_science_and_medicine)
- [3\.3 Speculation](https://en.wikipedia.org/wiki/Non-fungible_token#Speculation)
- [3\.4 Money laundering](https://en.wikipedia.org/wiki/Non-fungible_token#Money_laundering)
- [3\.5 Other uses](https://en.wikipedia.org/wiki/Non-fungible_token#Other_uses)
- [4 Standards in blockchains](https://en.wikipedia.org/wiki/Non-fungible_token#Standards_in_blockchains)
- [5 Issues and criticisms](https://en.wikipedia.org/wiki/Non-fungible_token#Issues_and_criticisms)
Toggle Issues and criticisms subsection
- [5\.1 Unenforceability of content ownership](https://en.wikipedia.org/wiki/Non-fungible_token#Unenforceability_of_content_ownership)
- [5\.2 Storage off-chain](https://en.wikipedia.org/wiki/Non-fungible_token#Storage_off-chain)
- [5\.3 Environmental concerns](https://en.wikipedia.org/wiki/Non-fungible_token#Environmental_concerns)
- [5\.4 Artist and buyer fees](https://en.wikipedia.org/wiki/Non-fungible_token#Artist_and_buyer_fees)
- [5\.5 Plagiarism and fraud](https://en.wikipedia.org/wiki/Non-fungible_token#Plagiarism_and_fraud)
- [5\.5.1 Voiceverse NFT plagiarism scandal](https://en.wikipedia.org/wiki/Non-fungible_token#Voiceverse_NFT_plagiarism_scandal)
- [5\.6 Security](https://en.wikipedia.org/wiki/Non-fungible_token#Security)
- [5\.7 Pyramid/Ponzi scheme claims](https://en.wikipedia.org/wiki/Non-fungible_token#Pyramid/Ponzi_scheme_claims)
- [5\.8 "Rug pull" exit scams](https://en.wikipedia.org/wiki/Non-fungible_token#"Rug_pull"_exit_scams)
- [6 See also](https://en.wikipedia.org/wiki/Non-fungible_token#See_also)
- [7 References](https://en.wikipedia.org/wiki/Non-fungible_token#References)
- [8 External links](https://en.wikipedia.org/wiki/Non-fungible_token#External_links)
Toggle the table of contents
# Non-fungible token
52 languages
- [Afrikaans](https://af.wikipedia.org/wiki/Nieverwisselbare_item "Nieverwisselbare item – Afrikaans")
- [العربية](https://ar.wikipedia.org/wiki/%D8%B1%D9%85%D9%88%D8%B2_%D8%BA%D9%8A%D8%B1_%D9%82%D8%A7%D8%A8%D9%84%D8%A9_%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%A8%D8%AF%D8%A7%D9%84 "رموز غير قابلة للاستبدال – Arabic")
- [Azərbaycanca](https://az.wikipedia.org/wiki/NFT "NFT – Azerbaijani")
- [Български](https://bg.wikipedia.org/wiki/%D0%9D%D0%B5%D0%B7%D0%B0%D0%BC%D0%B5%D0%BD%D0%B8%D0%BC_%D1%82%D0%BE%D0%BA%D0%B5%D0%BD "Незаменим токен – Bulgarian")
- [বাংলা](https://bn.wikipedia.org/wiki/%E0%A6%85%E0%A6%AC%E0%A6%BF%E0%A6%A8%E0%A6%BF%E0%A6%AE%E0%A6%AF%E0%A6%BC%E0%A6%AF%E0%A7%8B%E0%A6%97%E0%A7%8D%E0%A6%AF_%E0%A6%A8%E0%A6%BF%E0%A6%A6%E0%A6%B0%E0%A7%8D%E0%A6%B6%E0%A6%A8 "অবিনিময়যোগ্য নিদর্শন – Bangla")
- [Bosanski](https://bs.wikipedia.org/wiki/Nezamjenjivi_token "Nezamjenjivi token – Bosnian")
- [Català](https://ca.wikipedia.org/wiki/Criptovalor_no_fungible "Criptovalor no fungible – Catalan")
- [Čeština](https://cs.wikipedia.org/wiki/NFT "NFT – Czech")
- [Dansk](https://da.wikipedia.org/wiki/Non-fungible_token "Non-fungible token – Danish")
- [Deutsch](https://de.wikipedia.org/wiki/Non-Fungible_Token "Non-Fungible Token – German")
- [Ελληνικά](https://el.wikipedia.org/wiki/%CE%9C%CE%B7_%CE%B1%CE%BD%CF%84%CE%B1%CE%BB%CE%BB%CE%AC%CE%BE%CE%B9%CE%BC%CE%BF_%CE%B4%CE%B9%CE%B1%CE%BA%CF%81%CE%B9%CF%84%CE%B9%CE%BA%CF%8C "Μη ανταλλάξιμο διακριτικό – Greek")
- [Español](https://es.wikipedia.org/wiki/Token_no_fungible "Token no fungible – Spanish")
- [Eesti](https://et.wikipedia.org/wiki/NFT "NFT – Estonian")
- [Euskara](https://eu.wikipedia.org/wiki/Token_ez-suntsigarri "Token ez-suntsigarri – Basque")
- [فارسی](https://fa.wikipedia.org/wiki/%D8%B1%D9%85%D8%B2_%D8%BA%DB%8C%D8%B1%D9%85%D8%AB%D9%84%DB%8C "رمز غیرمثلی – Persian")
- [Suomi](https://fi.wikipedia.org/wiki/NFT "NFT – Finnish")
- [Français](https://fr.wikipedia.org/wiki/NFT "NFT – French")
- [Gaeilge](https://ga.wikipedia.org/wiki/Lic%C3%ADn_neamh-idirmhalartach "Licín neamh-idirmhalartach – Irish")
- [עברית](https://he.wikipedia.org/wiki/%D7%90%D7%A1%D7%99%D7%9E%D7%95%D7%9F_%D7%97%D7%A1%D7%A8_%D7%AA%D7%97%D7%9C%D7%99%D7%A3 "אסימון חסר תחליף – Hebrew")
- [हिन्दी](https://hi.wikipedia.org/wiki/%E0%A4%8F%E0%A4%A8%E0%A4%8F%E0%A4%AB%E0%A4%9F%E0%A5%80 "एनएफटी – Hindi")
- [Magyar](https://hu.wikipedia.org/wiki/Nem_helyettes%C3%ADthet%C5%91_token "Nem helyettesíthető token – Hungarian")
- [Bahasa Indonesia](https://id.wikipedia.org/wiki/Token_yang_tidak_dapat_ditukar "Token yang tidak dapat ditukar – Indonesian")
- [Italiano](https://it.wikipedia.org/wiki/Non-fungible_token "Non-fungible token – Italian")
- [日本語](https://ja.wikipedia.org/wiki/%E9%9D%9E%E4%BB%A3%E6%9B%BF%E6%80%A7%E3%83%88%E3%83%BC%E3%82%AF%E3%83%B3 "非代替性トークン – Japanese")
- [한국어](https://ko.wikipedia.org/wiki/%EB%8C%80%EC%B2%B4_%EB%B6%88%EA%B0%80%EB%8A%A5_%ED%86%A0%ED%81%B0 "대체 불가능 토큰 – Korean")
- [Lietuvių](https://lt.wikipedia.org/wiki/Nepakei%C4%8Diamas_%C5%BEetonas "Nepakeičiamas žetonas – Lithuanian")
- [Latviešu](https://lv.wikipedia.org/wiki/NFT "NFT – Latvian")
- [मराठी](https://mr.wikipedia.org/wiki/%E0%A4%A8%E0%A5%89%E0%A4%A8-%E0%A4%AB%E0%A4%82%E0%A4%9C%E0%A4%BF%E0%A4%AC%E0%A4%B2_%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%A8 "नॉन-फंजिबल टोकन – Marathi")
- [Bahasa Melayu](https://ms.wikipedia.org/wiki/Token_tidak_sepiawai "Token tidak sepiawai – Malay")
- [Nederlands](https://nl.wikipedia.org/wiki/Non-fungible_token "Non-fungible token – Dutch")
- [Norsk bokmål](https://no.wikipedia.org/wiki/Non-fungible_token "Non-fungible token – Norwegian Bokmål")
- [ਪੰਜਾਬੀ](https://pa.wikipedia.org/wiki/%E0%A8%A8%E0%A9%8C%E0%A8%A8-%E0%A8%AB%E0%A9%B0%E0%A8%9C%E0%A8%BF%E0%A8%AC%E0%A8%B2_%E0%A8%9F%E0%A9%8B%E0%A8%95%E0%A8%A8 "ਨੌਨ-ਫੰਜਿਬਲ ਟੋਕਨ – Punjabi")
- [Polski](https://pl.wikipedia.org/wiki/Niewymienny_token "Niewymienny token – Polish")
- [پښتو](https://ps.wikipedia.org/wiki/%D9%86%D9%87_%D8%AA%D8%A8%D8%A7%D8%AF%D9%84%D9%87_%DA%A9%DB%90%D8%AF%D9%88%D9%86%DA%A9%DB%8C_%D8%AA%D9%88%DA%A9%D9%86 "نه تبادله کېدونکی توکن – Pashto")
- [Português](https://pt.wikipedia.org/wiki/Token_n%C3%A3o_fung%C3%ADvel "Token não fungível – Portuguese")
- [Pinayuanan](https://pwn.wikipedia.org/wiki/ika_mapavalit_a_paysu "ika mapavalit a paysu – Paiwan")
- [Română](https://ro.wikipedia.org/wiki/NFT "NFT – Romanian")
- [Русский](https://ru.wikipedia.org/wiki/NFT "NFT – Russian")
- [Simple English](https://simple.wikipedia.org/wiki/Non-fungible_token "Non-fungible token – Simple English")
- [Slovenčina](https://sk.wikipedia.org/wiki/NFT "NFT – Slovak")
- [Slovenščina](https://sl.wikipedia.org/wiki/Nezamenljivi_%C5%BEeton "Nezamenljivi žeton – Slovenian")
- [Српски / srpski](https://sr.wikipedia.org/wiki/%D0%9D%D0%B5%D0%B7%D0%B0%D0%BC%D0%B5%D0%BD%D1%99%D0%B8%D0%B2_%D1%82%D0%BE%D0%BA%D0%B5%D0%BD "Незаменљив токен – Serbian")
- [Svenska](https://sv.wikipedia.org/wiki/Non-fungible_token "Non-fungible token – Swedish")
- [ꠍꠤꠟꠐꠤ](https://syl.wikipedia.org/wiki/%EA%A0%84%EA%A0%98%EA%A0%84%EA%A0%9A%EA%A0%90%EA%A0%A4 "ꠄꠘꠄꠚꠐꠤ – Sylheti")
- [ไทย](https://th.wikipedia.org/wiki/%E0%B9%82%E0%B8%97%E0%B9%80%E0%B8%84%E0%B8%99%E0%B8%97%E0%B8%B5%E0%B9%88%E0%B9%84%E0%B8%A1%E0%B9%88%E0%B8%AA%E0%B8%B2%E0%B8%A1%E0%B8%B2%E0%B8%A3%E0%B8%96%E0%B8%97%E0%B8%94%E0%B9%81%E0%B8%97%E0%B8%99%E0%B8%81%E0%B8%B1%E0%B8%99%E0%B9%84%E0%B8%94%E0%B9%89 "โทเคนที่ไม่สามารถทดแทนกันได้ – Thai")
- [Türkçe](https://tr.wikipedia.org/wiki/NFT "NFT – Turkish")
- [ئۇيغۇرچە / Uyghurche](https://ug.wikipedia.org/wiki/%D8%A6%DB%86%D8%B2-%D8%A6%D8%A7%D8%B1%D8%A7_%D8%A6%D8%A7%D9%84%D9%85%D8%A7%D8%B4%D9%85%D8%A7%D8%B3_%D8%A8%DB%95%D9%84%DA%AF%DB%95_\(%D8%A6%DB%90%D9%86_%D8%A6%DB%95%D9%81_%D8%AA\) "ئۆز-ئارا ئالماشماس بەلگە (ئېن ئەف ت) – Uyghur")
- [Українська](https://uk.wikipedia.org/wiki/%D0%9D%D0%B5%D0%B2%D0%B7%D0%B0%D1%94%D0%BC%D0%BE%D0%B7%D0%B0%D0%BC%D1%96%D0%BD%D0%BD%D0%B8%D0%B9_%D1%82%D0%BE%D0%BA%D0%B5%D0%BD "Невзаємозамінний токен – Ukrainian")
- [Oʻzbekcha / ўзбекча](https://uz.wikipedia.org/wiki/NFT "NFT – Uzbek")
- [Tiếng Việt](https://vi.wikipedia.org/wiki/Token_kh%C3%B4ng_th%E1%BB%83_thay_th%E1%BA%BF "Token không thể thay thế – Vietnamese")
- [粵語](https://zh-yue.wikipedia.org/wiki/NFT "NFT – Cantonese")
- [中文](https://zh.wikipedia.org/wiki/NFT "NFT – Chinese")
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From Wikipedia, the free encyclopedia
Unique digital identifier that is recorded on a blockchain
"NFT" redirects here. For other uses, see [NFT (disambiguation)](https://en.wikipedia.org/wiki/NFT_\(disambiguation\) "NFT (disambiguation)").
[](https://en.wikipedia.org/wiki/File:NFT_diagram.svg)
Illustration of a non-fungible token generated by a [smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") (a program designed to automatically execute contract terms)
A **non-fungible token** (**NFT**) is a unique digital identifier that is recorded on a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") and is used to certify ownership and authenticity. They typically contain references to [digital files](https://en.wikipedia.org/wiki/Digital_file "Digital file") such as artworks, photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") (which are [fungible](https://en.wikipedia.org/wiki/Fungible "Fungible"), hence the name non-fungible token), and as a result they can't be copied, substituted, or subdivided.[\[1\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-1) Their ownership can be transferred by the owner, allowing NFTs to be sold and traded.
Initially pitched in 2017 as a new class of [investment](https://en.wikipedia.org/wiki/Investment "Investment") asset, NFT trading increased from US\$82 million in 2020 to US\$17 billion in 2021.[\[2\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-2) Its market was occasionally compared to an [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") or a [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[3\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-3) In 2022, the NFT market collapsed; a May 2022 estimate was that the number of sales was down over 90% compared to 2021. By September 2023 one report claimed that over 95% of NFT collections had zero [monetary value](https://en.wikipedia.org/wiki/Monetary_value "Monetary value").[\[4\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Yang2023-4)[\[5\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Vigliarolo2023-5)
Proponents claim that NFTs provide a public [certificate of authenticity](https://en.wikipedia.org/wiki/Certificate_of_authenticity "Certificate of authenticity") or [proof of ownership](https://en.wikipedia.org/wiki/Title_\(property\) "Title (property)"), but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning and does not necessarily grant [copyright](https://en.wikipedia.org/wiki/Copyright "Copyright"), [intellectual property](https://en.wikipedia.org/wiki/Intellectual_property "Intellectual property") rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file and does not prevent the creation of NFTs that reference identical files. NFTs have been used as [speculative](https://en.wikipedia.org/wiki/Speculation "Speculation") investments and have drawn criticism for the energy cost and [carbon footprint](https://en.wikipedia.org/wiki/Carbon_footprint "Carbon footprint") associated with some types of blockchain, as well as their use in [art scams](https://en.wikipedia.org/wiki/Confidence_trick "Confidence trick").[\[6\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-6)
## Characteristics
An NFT is a data file, stored on a type of digital ledger called a blockchain, which can be sold and traded.[\[7\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-7) The NFT can be associated with a particular asset – digital or physical – such as an image, art, music, or recording of a sports event.[\[8\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-8) It may confer licensing rights to use the asset for a specified purpose.[\[9\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-$69_million_for_digital_art?-9) An NFT (and, if applicable, the associated license to use, copy, or display the underlying asset) can be traded and sold on digital markets.[\[10\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Kastrenakes-10) However, the extralegal nature of NFT trading usually results in an informal exchange of ownership over the asset that has no legal basis for enforcement,[\[11\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Mendis-2021-11) and so often confers little more than use as a status symbol.[\[12\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-vice_right-clicker-12)
NFTs function like [cryptographic](https://en.wikipedia.org/wiki/Cryptographic "Cryptographic") tokens, but unlike cryptocurrencies, NFTs are not usually mutually interchangeable, so they are not [fungible](https://en.wikipedia.org/wiki/Fungible "Fungible"). A non-fungible token contains data links, for example which point to details about where the associated art is stored, that can be affected by [link rot](https://en.wikipedia.org/wiki/Link_rot "Link rot").[\[13\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-13)
### Copyright
[](https://en.wikipedia.org/wiki/File:NFT_ownership_diagram.svg)
A diagram showing the right to own a non-fungible token and linked file. In most cases, it is heavily dependent on the token's smart contract.
An NFT solely represents a proof of ownership of a blockchain record and does not necessarily imply that the owner possesses intellectual property rights to the digital asset the NFT purports to represent.[\[14\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-14)[\[15\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Thaddeus-Johns-2021-15)[\[16\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-16) Someone may sell an NFT that represents their work, but the buyer will not necessarily receive copyright to that work, and the seller may not be prohibited from creating additional NFT copies of the same work.[\[17\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-17)[\[18\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Clark-2021-18) According to legal scholar [Rebecca Tushnet](https://en.wikipedia.org/wiki/Rebecca_Tushnet "Rebecca Tushnet"), "In one sense, the purchaser acquires whatever the art world thinks they have acquired. They definitely do not own the copyright to the underlying work unless it is explicitly transferred."[\[19\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-19)
Certain NFT projects, such as [Bored Apes](https://en.wikipedia.org/wiki/Bored_Ape "Bored Ape"), explicitly assign intellectual property rights of individual images to their respective owners.[\[20\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-20) The NFT collection [CryptoPunks](https://en.wikipedia.org/wiki/CryptoPunks "CryptoPunks") was a project that initially prohibited owners of its NFTs from using the associated digital artwork for commercial use, but later allowed such use upon acquisition by the collection's parent company.[\[21\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-21)
## History
### Early projects
The first known NFT, *Quantum*,[\[22\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-22) was created by [Kevin McCoy](https://en.wikipedia.org/wiki/Kevin_McCoy_\(artist\) "Kevin McCoy (artist)") and [Anil Dash](https://en.wikipedia.org/wiki/Anil_Dash "Anil Dash") in May 2014. It consists of a video clip made by McCoy's wife, Jennifer. McCoy registered the video on the [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") blockchain and sold it to Dash for \$4, during a live presentation for the *Seven on Seven* conferences at the [New Museum](https://en.wikipedia.org/wiki/New_Museum "New Museum") in New York City. McCoy and Dash referred to the technology as "monetized graphics".[\[23\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-dash2-23) This explicitly linked a non-fungible, tradable blockchain marker to a work of art, via on-chain metadata (enabled by Namecoin).[\[24\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-24)
In October 2015, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum's first developer conference, three months after the launch of the [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") blockchain. Most of Etheria's 457 purchasable and tradable hexagonal tiles went unsold for more than five years until March 13, 2021, when renewed interest in NFTs sparked a buying frenzy. Within 24 hours, all tiles of the current version and a prior version, each hardcoded to 1 ETH ([US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")0\.43 at the time of launch) were sold for a total of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1\.4 million.[\[25\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-25)
In 2016, [*Rare Pepes,*](https://en.wikipedia.org/wiki/Rare_Pepe "Rare Pepe") a "semi-fungible" NFT project centered around the [Pepe the Frog meme](https://en.wikipedia.org/wiki/Pepe_the_Frog "Pepe the Frog"), which involved a collective of artists contributing their works into a curated directory, emerged on Bitcoin through a protocol known as [Counterparty](https://en.wikipedia.org/wiki/Counterparty_\(platform\) "Counterparty (platform)"), which had been created in 2014 and used to create other assets.[\[26\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-26)
In 2017, several NFT projects emerged on Ethereum that utilized a "fungible" token standard known as ERC-20. *[Curio Cards](https://en.wikipedia.org/wiki/Curio_Cards "Curio Cards")* in May of that year is credited with being Ethereum's first art NFT project using the fungible standard and features artwork in the shape of a card among a variety of image types, including satirized corporate logos.[\[27\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-27) The [generative art](https://en.wikipedia.org/wiki/Generative_art "Generative art") project of 10,000 pixelated characters known as *CryptoPunks* emerged soon after in June and would later establish itself as one of the most commercially successful NFT projects.[\[28\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-28) In December, a [clipart](https://en.wikipedia.org/wiki/Clipart "Clipart") based collection featuring images of rocks called *[EtherRock](https://en.wikipedia.org/wiki/EtherRock "EtherRock")* emerged.[\[29\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-29)
In November 2017, the widely acclaimed [blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game") on Ethereum known as *[CryptoKitties](https://en.wikipedia.org/wiki/CryptoKitties "CryptoKitties")* launched, and is credited with pioneering what is considered to be the first bona fide non-fungible token standard, known as ERC-721.[\[30\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-30) It used an early version of ERC-721 that differed from the formally published version of the standard in 2018.[\[31\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-31)
### *ERC-721: Non-Fungible Token Standard*
While experiments around non-fungibility have existed on blockchains since as early as 2012 with [Colored Coins](https://en.wikipedia.org/wiki/Colored_Coins "Colored Coins") on Bitcoin,[\[32\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-32) a community-driven paper called *ERC-721: Non-Fungible Token Standard* was published in 2018 under the initiative of [civic hacker](https://en.wikipedia.org/wiki/Hacker#Civic_hacker "Hacker") and lead author [William Entriken](https://en.wikipedia.org/wiki/William_Entriken "William Entriken")[\[33\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-33) and is recognized as pioneering the foundation for NFTs and enabling the growth of the wider eco-system.[\[34\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-34) It introduced the formalization and defining of the term *Non-Fungible Token* "NFT" in blockchain nomenclature by establishing a standard for [smart contracts](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") known as "ERC-721" whose tokens would have unique attributes and ownership details, ensuring no two tokens are alike.[\[35\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-35) The creation of derivative standards followed from its influence on Ethereum (like ERC-1155 enabling semi-fungibility) and other blockchains.[\[36\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-36) Its versatility enabled the pioneering of numerous use cases, including digital artwork, deeds to physical items, real estate (including virtual), access passes, and game assets.[\[37\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-37) Ultimately, the emergence of [ERC-721](https://en.wikipedia.org/wiki/ERC-721 "ERC-721") is recognized for having fundamentally changed the landscape of digital verification, authentication, and ownership.[\[38\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-38)
#### Origins of the term "NFT" and its adoption
The term NFT, prior to the blockchain game *[CryptoKitties'](https://en.wikipedia.org/wiki/CryptoKitties "CryptoKitties")* adoption of ERC-721, is not known to have been used for earlier projects.[\[39\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-:0-39) Through discussion among stakeholders for the ERC-721 draft, the word *deed* was given consideration among other alternatives including *distinguishable asset, title, token, asset, equity, ticket.*[\[40\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-:1-40) Ultimately, through Entriken's initiative under the moniker "Fulldecent," a vote was held during the paper's drafting phase to decide which word would be used in the published version and "NFT" was chosen by the stakeholders.[\[41\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-41)
The term "NFT" and the awareness of the ERC-721 standard received significant exposure and adopted use through the popularity of *CryptoKitties* in 2017.[\[39\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-:0-39) While using the standard, *CryptoKitties* earned the recognition of being the first mainstream NFT dApp;[\[42\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-42) the game's usage was significant enough to have overwhelmed Ethereum's processing power at the time.[\[43\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-43)
#### Influence
During the height of the breakout success of *CryptoKitties* and the emergence of ERC-721 tokens in 2017, an NFT marketplace called OpenSea emerged to capitalize off of the new non-fungible token standard.[\[44\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-44) It positioned itself early in the NFT market landscape and grew to a \$1.4 billion market cap in 2021 during the then-ongoing NFT boom.[\[45\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-45)
In 2021, *[ArtReview's](https://en.wikipedia.org/wiki/ArtReview "ArtReview") Power 100* ranked ERC-721 at the \#1 spot, praising it as "the most powerful art entity in the world" for creating a new kind of market for artworks that deviated from traditional gatekeeping norms and ushered in a different kind of collector.[\[46\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-46) Artist [Beeple](https://en.wikipedia.org/wiki/Beeple "Beeple") sold an ERC-721 NFT of his composite artwork known as *Everydays: The First 5000 Days* at [Christie's](https://en.wikipedia.org/wiki/Christie%27s "Christie's") for \$69 million and was the first instance of a legacy arthouse dealing in NFTs.[\[47\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-47)
### General NFT market
The NFT market experienced rapid growth during 2020, with its value tripling to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")250 million.[\[48\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Duffy-2021-48) In the first three months of 2021, more than [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")200 million were spent on NFTs.[\[49\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Time-2021-49)
In the early months of 2021, interest in NFTs increased after a number of high-profile sales and art auctions.[\[50\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Howcroft-2021-50)
In May 2022, *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")* reported that the NFT market was "collapsing". Daily sales of NFT tokens had declined 92% from September 2021, and the number of active wallets in the NFT market fell 88% from November 2021. While rising interest rates had impacted risky bets across the financial markets, the *Journal* said "NFTs are among the most speculative."[\[51\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-flatlining-51)
In December 2022, a programmer named Casey Rodarmor introduced a new way to add NFTs to the Bitcoin blockchain called "ordinals". By February 2023, the popularity of ordinals had led to an increase in bitcoin's payment fees and may have also partially contributed to an increase in bitcoin's price.[\[52\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-52)
A September 2023 report from cryptocurrency gambling website dappGambl claimed 95% of NFTs had fallen to zero monetary value and 79% of all NFT collections have remained unsold.[\[4\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Yang2023-4)[\[5\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Vigliarolo2023-5)
## Uses
### Commonly associated files
NFTs have been used to exchange digital tokens that link to a digital file asset. Ownership of an NFT is often associated with a license to use such a linked digital asset but generally does not confer the copyright to the buyer. Some agreements only grant a license for personal, non-commercial use, while other licenses also allow commercial use of the underlying digital asset.[\[53\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-53) This kind of decentralized intellectual copyright poses an alternative to established forms of safeguarding copyright controlled by state institutions and middlemen within the respective industry.[\[54\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-54)
#### Digital art
See also: [List of most expensive non-fungible tokens](https://en.wikipedia.org/wiki/List_of_most_expensive_non-fungible_tokens "List of most expensive non-fungible tokens")
[Digital art](https://en.wikipedia.org/wiki/Digital_art "Digital art") is a common use case for NFTs.[\[55\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-55) High-profile auctions of NFTs linked to digital art have received considerable public attention; the first such major house auction took place at Christie's in 2021.[\[56\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-56) The work entitled *Merge* by artist [Pak](https://en.wikipedia.org/wiki/Pak_\(creator\) "Pak (creator)") was the most expensive NFT, with an auction price of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")91\.8 million[\[57\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-57) and *[Everydays: the First 5000 Days](https://en.wikipedia.org/wiki/Everydays:_the_First_5000_Days "Everydays: the First 5000 Days")*, by artist [Mike Winkelmann](https://en.wikipedia.org/wiki/Mike_Winkelmann "Mike Winkelmann") (known professionally as Beeple) the second most expensive at [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")69\.3 million in 2021.[\[10\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Kastrenakes-10)[\[58\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-58)
[](https://en.wikipedia.org/wiki/File:VeKings.png)
Some digital art NFTs, like these [pixel art](https://en.wikipedia.org/wiki/Pixel_art "Pixel art") characters, are examples of [generative art](https://en.wikipedia.org/wiki/Generative_art "Generative art").
Some NFT collections, including Bored Apes, EtherRocks, and CryptoPunks, are examples of [generative art](https://en.wikipedia.org/wiki/Generative_art "Generative art"), where many different images are created by assembling a selection of simple picture components in different combinations.[\[59\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-59)
In March 2021, the blockchain company Injective Protocol bought a \$95,000 original screen print entitled *Morons (White)* from English graffiti artist [Banksy](https://en.wikipedia.org/wiki/Banksy "Banksy") and filmed somebody burning it with a [cigarette lighter](https://en.wikipedia.org/wiki/Lighter "Lighter"). They uploaded (known as "minting" in the NFT scene) and sold the video as an NFT.[\[60\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-60)[\[61\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Banksy_NFT-61) The person who destroyed the artwork, who called themselves "Burnt Banksy", described the act as a way to transfer a physical work of art to the NFT space.[\[61\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Banksy_NFT-61)
American curator and art historian [Tina Rivers Ryan](https://en.wikipedia.org/wiki/Tina_Rivers_Ryan "Tina Rivers Ryan"), who specializes in digital works, said that art museums are widely not convinced that NFTs have "lasting cultural relevance."[\[62\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-62) Ryan compares NFTs to the [net art](https://en.wikipedia.org/wiki/Net_art "Net art") fad before the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble").[\[63\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-63)[\[64\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-64) In July 2022, after the controversial sale of [Michelangelo](https://en.wikipedia.org/wiki/Michelangelo "Michelangelo")'s *[Doni Tondo](https://en.wikipedia.org/wiki/Doni_Tondo "Doni Tondo")* in Italy, the sale of NFT reproductions of famous artworks was prohibited in Italy. Given the complexity and lack of regulation of the matter, the [Ministry of Culture](https://en.wikipedia.org/wiki/Ministry_of_Culture_\(Italy\) "Ministry of Culture (Italy)") of Italy temporarily requested that its institutions refrain from signing contracts involving NFTs.[\[65\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-65)
No centralized means of authentication exists to prevent stolen and counterfeit digital works from being sold as NFTs, although auction houses like [Sotheby's](https://en.wikipedia.org/wiki/Sotheby%27s "Sotheby's"), [Christie's](https://en.wikipedia.org/wiki/Christie%27s "Christie's"), and various museums and galleries worldwide started collaborations and partnerships with digital artists such as [Refik Anadol](https://en.wikipedia.org/wiki/Refik_Anadol "Refik Anadol"), [Dangiuz](https://en.wikipedia.org/wiki/Dangiuz "Dangiuz") and [Sarah Zucker](https://en.wikipedia.org/wiki/Sarah_Zucker "Sarah Zucker").
NFTs associated with digital artworks could be sold and bought via NFT platforms. [OpenSea](https://en.wikipedia.org/wiki/OpenSea "OpenSea"), launched in 2017, was one of the first marketplaces to host various types of NFTs.[\[66\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Rodeck-2022-66)[\[67\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-67) In July 2019, the [National Basketball Association](https://en.wikipedia.org/wiki/National_Basketball_Association "National Basketball Association"), the NBA Players Association and Dapper Labs, the creator of [CryptoKitties](https://en.wikipedia.org/wiki/CryptoKitties "CryptoKitties"), started a joint venture NBA Top Shot for basketball fans that let users buy NFTs of historic moments in basketball.[\[68\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-68)[\[69\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-69) In 2020, Rarible was found, allowing multiple assets. In 2021, Rarible and [Adobe](https://en.wikipedia.org/wiki/Adobe_Inc. "Adobe Inc.") formed a partnership to simplify the verification and security of metadata for digital content, including NFTs.[\[66\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Rodeck-2022-66) In 2021, a cryptocurrency exchange [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), launched its NFT marketplace.[\[70\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-70) In 2022, eToro Art by [eToro](https://en.wikipedia.org/wiki/EToro "EToro") was founded, focusing on supporting NFT collections and emerging creators.[\[66\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Rodeck-2022-66)[\[71\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-71)
[Sotheby's](https://en.wikipedia.org/wiki/Sotheby%27s "Sotheby's") and [Christie's](https://en.wikipedia.org/wiki/Christie%27s "Christie's") auction houses showcase artworks associated with the respective NFTs both in virtual galleries and physical screens, monitors, and TVs.[\[72\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-72)[\[73\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-73)[\[74\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TechCrunch-2022-74)
Mars House, an architectural NFT created in May 2020 by artist [Krista Kim](https://en.wikipedia.org/wiki/Krista_Kim "Krista Kim"), sold in 2021 for 288 Ether (ETH) — at that time equivalent to US\$524,558.[\[75\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-75)
#### Games
Main article: [Blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game")
NFTs can represent [in-game assets](https://en.wikipedia.org/wiki/Game_asset "Game asset"). Some commentators describe these as being controlled "by the user" instead of the [game developer](https://en.wikipedia.org/wiki/Video_game_developer "Video game developer")[\[76\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-76) if they can be traded on third-party marketplaces without permission from the game developer. Their reception from game developers, though, has been generally mixed, with some like [Ubisoft](https://en.wikipedia.org/wiki/Ubisoft "Ubisoft") embracing the technology but [Valve](https://en.wikipedia.org/wiki/Valve_Corporation "Valve Corporation") and [Microsoft](https://en.wikipedia.org/wiki/Microsoft "Microsoft") formally prohibiting them.[\[77\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-77)
- CryptoKitties was an early successful blockchain online game in which players adopt and trade virtual cats. The monetization of NFTs within the game raised a \$12.5 million investment, with some kitties selling for over \$100,000 each.[\[78\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-BBC_News-2017-78)[\[79\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-79)[\[80\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-80)[\[81\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-81) Following its success, CryptoKitties was added to the ERC-721 standard, which was created in January 2018 (and finalized in June).[\[82\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-82)[\[83\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Entriken-2018-83)
- In October 2021, [Valve Corporation](https://en.wikipedia.org/wiki/Valve_Corporation "Valve Corporation") banned applications from their [Steam](https://en.wikipedia.org/wiki/Steam_\(service\) "Steam (service)") platform if those applications use [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") technology or NFTs to exchange value or game artifacts.[\[84\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-84)
- In December 2021, [Ubisoft](https://en.wikipedia.org/wiki/Ubisoft "Ubisoft") announced Ubisoft Quartz, "an NFT initiative which allows people to buy artificially scarce digital items using cryptocurrency". The announcement was heavily criticized by audiences, with the Quartz announcement video attaining a dislike ratio of 96% on YouTube. Ubisoft subsequently unlisted the video from YouTube.[\[85\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-85)[\[86\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-86) The announcement was also criticized internally by Ubisoft developers.[\[87\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-87)[\[88\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-88)[\[89\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-89) The [Game Developers Conference](https://en.wikipedia.org/wiki/Game_Developers_Conference "Game Developers Conference")'s 2022 annual report stated that 70 percent of developers surveyed said their studios had no interest in integrating NFTs or cryptocurrency into their games.[\[90\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-91)
- Some luxury brands minted NFTs for online video game cosmetics.[\[92\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-92) In November 2021, investment firm [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") published a note claiming that this could become a US\$56 billion market by 2030.[\[93\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-93)
- In July 2022, Mojang Studios announced that NFTs would not be permitted in *[Minecraft](https://en.wikipedia.org/wiki/Minecraft "Minecraft")*, saying that they went against the game's "values of creative inclusion and playing together".[\[94\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-94)
#### [Music](https://en.wikipedia.org/wiki/NFT_music "NFT music") and film
NFTs have been proposed for use within the film-industry as a way to tokenize movie-scenes and sell them as collectibles in the form of NFTs.[\[95\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-95) Artists involved in the entertainment-industry can seek royalties through NFTs.[\[96\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-96) So far, NFTs have often been used in both the music- as well as the film-industry.
- In May 2018, [20th Century Fox](https://en.wikipedia.org/wiki/20th_Century_Fox "20th Century Fox") partnered with Atom Tickets and released limited-edition *[Deadpool 2](https://en.wikipedia.org/wiki/Deadpool_2 "Deadpool 2")* digital posters to promote the film. They were available from OpenSea and the GFT exchange.[\[97\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-97)
- In March 2021, [Adam Benzine](https://en.wikipedia.org/wiki/Adam_Benzine "Adam Benzine")'s 2015 documentary *[Claude Lanzmann: Spectres of the Shoah](https://en.wikipedia.org/wiki/Claude_Lanzmann:_Spectres_of_the_Shoah "Claude Lanzmann: Spectres of the Shoah")* became the first motion picture and documentary film to be auctioned as an NFT.[\[98\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-98)
- Other examples of NFTs being used in the film-industry include a collection of NFT-artworks for *[Godzilla vs. Kong](https://en.wikipedia.org/wiki/Godzilla_vs._Kong "Godzilla vs. Kong")*,[\[99\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-99) the release of both [Kevin Smith](https://en.wikipedia.org/wiki/Kevin_Smith "Kevin Smith")'s horror-movie *KillRoy Was Here*, and the 2021 film *[Zero Contact](https://en.wikipedia.org/wiki/Zero_Contact "Zero Contact")* as NFTs in 2021.[\[100\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-100)
- In September 2021, [Shakira](https://en.wikipedia.org/wiki/Shakira "Shakira") released an NFT collection named *[La Caldera](https://en.wikipedia.org/wiki/La_Caldera_\(NFT_collection\) "La Caldera (NFT collection)")*, which features four pieces each with animated digital art and an audio piece produced by Shakira.[\[101\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-101)[\[102\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-102)[\[103\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-103)[\[104\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-104)
- In November 2021, film director [Quentin Tarantino](https://en.wikipedia.org/wiki/Quentin_Tarantino "Quentin Tarantino") released seven NFTs based on uncut scenes of *[Pulp Fiction](https://en.wikipedia.org/wiki/Pulp_Fiction "Pulp Fiction")*. [Miramax](https://en.wikipedia.org/wiki/Miramax "Miramax") subsequently filed a lawsuit claiming that their film rights were violated and that the original 1993 contract with Tarantino gave them the right to mint NFTs in relation to *Pulp Fiction*.[\[105\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-105)
- In August 2022, [Muse](https://en.wikipedia.org/wiki/Muse_\(band\) "Muse (band)") released album *[Will of the People](https://en.wikipedia.org/wiki/Will_of_the_People_\(album\) "Will of the People (album)")* as 1,000 NFTs; it became the first album for which NFT sales would qualify for the UK and Australian charts.[\[106\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-106)[\[107\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-107)
By February 2021, NFTs accounted for [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")25 million of revenue generated through the sale of artwork and songs as NFTs.[\[108\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-108) On February 28, 2021, electronic dance musician [3lau](https://en.wikipedia.org/wiki/3lau "3lau") sold a collection of 33 NFTs for a total of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")11\.7 million to commemorate the three-year anniversary of his *Ultraviolet* album.[\[109\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Brown-2021-109)[\[110\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-110) On March 3, 2021, an NFT was made to promote the [Kings of Leon](https://en.wikipedia.org/wiki/Kings_of_Leon "Kings of Leon") album *[When You See Yourself](https://en.wikipedia.org/wiki/When_You_See_Yourself "When You See Yourself").*[\[111\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-111)[\[112\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-112)[\[113\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-113) Other musicians who have used NFTs include American rapper [Lil Pump](https://en.wikipedia.org/wiki/Lil_Pump "Lil Pump"),[\[114\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Cheddar_2021-03-232-114)[\[115\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Vulture_2021-03-182-115)[\[116\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-XXL_Mag_2021-03-23-2-116) [Grimes](https://en.wikipedia.org/wiki/Grimes "Grimes"),[\[117\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-117) visual artist [Shepard Fairey](https://en.wikipedia.org/wiki/Shepard_Fairey "Shepard Fairey") in collaboration with record producer [Mike Dean](https://en.wikipedia.org/wiki/Mike_Dean_\(record_producer\) "Mike Dean (record producer)"),[\[118\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-118) and rapper [Eminem](https://en.wikipedia.org/wiki/Eminem "Eminem").[\[119\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-119)
A paper presented at the *40th International Conference on Information Systems* in [Munich](https://en.wikipedia.org/wiki/Munich "Munich") in 2019 suggested using NFTs as tickets for different types of events.[\[120\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-120) This would enable organizers of the respective events or artists performing there to receive royalties on the resale of each ticket.[\[121\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-121)
#### Other associated files
- A number of [internet memes](https://en.wikipedia.org/wiki/Internet_meme "Internet meme") have been associated with NFTs, which were minted and sold by their creators or by their subjects.[\[122\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-122) Examples include [Doge](https://en.wikipedia.org/wiki/Doge_\(meme\) "Doge (meme)"), an image of a [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu "Shiba Inu") dog,[\[123\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-123) as well as [Charlie Bit My Finger](https://en.wikipedia.org/wiki/Charlie_Bit_My_Finger "Charlie Bit My Finger"),[\[124\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-124) [Nyan Cat](https://en.wikipedia.org/wiki/Nyan_Cat "Nyan Cat"),[\[125\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-125)[\[126\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-126) and [Disaster Girl](https://en.wikipedia.org/wiki/Disaster_Girl "Disaster Girl").[\[127\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-127)
- Some virtual worlds, often [marketed](https://en.wikipedia.org/wiki/Buzzword "Buzzword") as [metaverses](https://en.wikipedia.org/wiki/Metaverse "Metaverse"), have incorporated NFTs as a means of trading virtual items and virtual real estate.[\[128\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-128)
- Some [pornographic](https://en.wikipedia.org/wiki/Pornographic "Pornographic") works have been sold as NFTs, though hostility from NFT marketplaces towards pornographic material has presented significant drawbacks for creators.[\[129\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-129)[\[130\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-130) By using NFTs people engaged in this area of the entertainment-industry are able to publish their works without third-party platforms being able to delete them.[\[131\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-131)
- The first credited political protest NFT ("Destruction of Nazi Monument Symbolizing Contemporary Lithuania") was a video filmed by Professor Stanislovas Tomas on April 8, 2019, and minted on March 29, 2021. In the video, Tomas uses a sledgehammer to destroy a state-sponsored Lithuanian plaque located on the [Lithuanian Academy of Sciences](https://en.wikipedia.org/wiki/Lithuanian_Academy_of_Sciences "Lithuanian Academy of Sciences") honoring Nazi war criminal [Jonas Noreika](https://en.wikipedia.org/wiki/Jonas_Noreika "Jonas Noreika").[\[132\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-132)
- In 2020, CryptoKitties developer Dapper Labs released the NBA TopShot project, which allowed the purchase of NFTs linked to basketball highlights.[\[133\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-133) The project was built on top of the Flow blockchain.[\[134\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Engadget_2021-03-11_Ref1-134)
- In March 2021 an NFT of [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") founder [Jack Dorsey](https://en.wikipedia.org/wiki/Jack_Dorsey "Jack Dorsey")'s first-ever tweet sold for \$2.9 million. The same NFT was listed for sale in 2022 at \$48 million, but only achieved a top bid of \$280.[\[135\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-135)
- On December 15, 2022, [Donald Trump](https://en.wikipedia.org/wiki/Donald_Trump "Donald Trump"), former [president of the United States](https://en.wikipedia.org/wiki/President_of_the_United_States "President of the United States"), announced a line of NFTs featuring images of himself for \$99 each.[\[136\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-136) It was reported that he made between \$100,001 and \$1 million from the scheme.[\[137\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-137)
- In April 2023, a group visited the [British Museum](https://en.wikipedia.org/wiki/British_Museum "British Museum") to take extensive 3D photographs of the [Rosetta Stone](https://en.wikipedia.org/wiki/Rosetta_Stone "Rosetta Stone") so it could be recreated as an NFT.[\[138\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-138)
### Use cases of NFTs in science and medicine
NFTs have been proposed for purposes related to scientific and medical purposes.[\[139\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature-139) Suggestions include turning patient data into NFTs,[\[140\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-140) tracking supply chains[\[141\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-141) and minting patents as NFTs.[\[142\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-142)
The monetary aspect of the sale of NFTs has been used by academic institutions to finance research projects.
[](https://en.wikipedia.org/wiki/File:George_Church.jpg)
George M. Church sold NFTs of an "artistic representation" of his genome and likeness in 2022.
- The [University of California, Berkeley](https://en.wikipedia.org/wiki/University_of_California,_Berkeley "University of California, Berkeley") announced in May 2021 its intention to auction NFTs of two patents of inventions for which the creators had received a [Nobel Prize](https://en.wikipedia.org/wiki/Nobel_Prize "Nobel Prize"): the patents for [CRISPR gene editing](https://en.wikipedia.org/wiki/CRISPR_gene_editing "CRISPR gene editing") and [cancer immunotherapy](https://en.wikipedia.org/wiki/Cancer_immunotherapy "Cancer immunotherapy"). The university would, however, retain ownership of the patents.[\[143\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-143)[\[144\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-144) 85% of funds gathered through the sale of the collection were to be used to finance research.[\[145\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-145)[\[146\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-146) The collection included handwritten notices and faxes by [James Allison](https://en.wikipedia.org/wiki/James_P._Allison "James P. Allison") and was named *The Fourth Pillar*. It sold in June 2022 for 22 Ether, about [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")54,000 at the time.[\[147\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature482-147)
- [George Church](https://en.wikipedia.org/wiki/George_Church_\(geneticist\) "George Church (geneticist)"), a US geneticist, announced his intention to sell his [DNA](https://en.wikipedia.org/wiki/DNA "DNA") via NFTs and use the profits to finance research conducted by [Nebula Genomics](https://en.wikipedia.org/wiki/Nebula_Genomics "Nebula Genomics"). In June 2022, 20 NFTs with his likeness were published instead of the originally planned NFTs of his DNA due to the market conditions at the time.[\[139\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature-139) Despite mixed reactions, the project is considered to be part of an effort to use the genetic data of 15,000 individuals to support genetic research. By using NFTs the project wants to ensure that the users submitting their genetic data are able to receive direct payment for their contributions.[\[139\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature-139)[\[148\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-148) Several other companies have been involved in similar and often criticized efforts to use blockchain-based genetic data in order to guarantee users more control over their data and enable them to receive direct financial compensation whenever their data is being sold.[\[147\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature482-147)
- Molecule Protocol, a project based in Switzerland, is trying to use NFTs to digitize the intellectual copyright of individual scientists and research teams to finance research.[\[149\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-BusinessinsiderMolecule-149) The project's whitepaper explains the aim is to represent the copyright of scientific papers as NFTs and enable their trade between researchers and investors on a future marketplace.[\[150\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-150) The project was able to raise [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")12 million in seed money in July 2022.[\[149\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-BusinessinsiderMolecule-149) A similar approach has been announced by RMDS Lab.[\[151\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-151)
### Speculation
NFTs representing digital collectables and artworks are a [speculative asset](https://en.wikipedia.org/wiki/Speculation "Speculation").[\[152\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-152) The NFT buying surge was called an [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") by experts, who also compared it to the [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble").[\[153\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Reyburn-2021-153)[\[154\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Small-2021-154) In March 2021 [Mike Winkelmann](https://en.wikipedia.org/wiki/Mike_Winkelmann "Mike Winkelmann") called NFTs an "irrational exuberance bubble".[\[155\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Cuthbertson-2021-155) By mid-April 2021, demand subsided, causing prices to fall significantly.[\[156\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Tarmy-2021-156) Financial theorist [William J. Bernstein](https://en.wikipedia.org/wiki/William_J._Bernstein "William J. Bernstein") compared the NFT market to 17th-century [tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania"), saying any [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") requires a technological advance for people to "get excited about", with part of that enthusiasm coming from the extreme predictions being made about the product.[\[157\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-157) For regulatory policymakers, NFTs have exacerbated challenges such as speculation, fraud, and high volatility.[\[158\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-158)
### Money laundering
NFTs, as with other blockchain securities and with traditional art sales, can potentially be used for [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering").[\[159\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-rusi-159) NFTs can be used for [wash trading](https://en.wikipedia.org/wiki/Wash_trading "Wash trading") by creating several [wallets](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.[\[160\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-160) According to a report by [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis") these types of wash trades are becoming popular among money launderers because of the largely anonymous nature of transactions on NFT marketplaces.[\[161\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-161)[\[162\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-162)[\[163\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-wisogeldw%C3%A4sche-163) *Looksrare*, created in early 2022, came to be known for the large sums generated through the sale of NFTs in its earliest days, amounting to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")400,000,000 a day. These large sums were generated in large part through wash trading.[\[163\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-wisogeldw%C3%A4sche-163) The [Royal United Services Institute](https://en.wikipedia.org/wiki/Royal_United_Services_Institute "Royal United Services Institute") said that any risks in relation to money laundering through NFTs could be mitigated through the use of "[KYC](https://en.wikipedia.org/wiki/Know_your_customer "Know your customer") best practices, strong cyber security measures and a stolen art registry (...) without restricting the growth of this new market".[\[159\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-rusi-159)
Auction platforms for NFTs may face regulatory pressure to comply with anti-money laundering legislation. Gou Wenjun, the director of a monitoring centre for the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China"), said that NFTs could "easily become money-laundering tools". He pointed to unlawful exploitation of cryptographic technologies and said that illicit actors often presented themselves as innovators in financial technology.[\[164\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-164)
A 2022 study from the [United States Treasury](https://en.wikipedia.org/wiki/United_States_Treasury "United States Treasury") assessed that there was "some evidence of money laundering risk in the high-value art market", including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)".[\[165\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-165) The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding the transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") regulations.[\[166\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-166) In March 2022, two people were charged for the execution of a million-dollar NFT scheme through [wire fraud](https://en.wikipedia.org/wiki/Mail_and_wire_fraud "Mail and wire fraud").[\[167\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-167)
The [European Commission](https://en.wikipedia.org/wiki/European_Commission "European Commission") announced in July 2022 that it was planning to draw up regulations to combat money laundering by 2024.[\[168\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-168)[\[169\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-169)
### Other uses
- In 2019, [Nike](https://en.wikipedia.org/wiki/Nike,_Inc. "Nike, Inc.") patented a system called CryptoKicks that would use NFTs to verify the authenticity of its physical products and would give a virtual version of the shoe to the customer.[\[170\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-170)
- Certain NFT releases have also added exclusivity to the NFT utility, including access to private online clubs.[\[171\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-171)[\[172\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-172)
- Different academic work and practical applications suggest to use NFTs to license software and to transfer source code copyright ownership via NFTs.[\[173\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-173)[\[174\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-174)
## Standards in blockchains
Several blockchains have added support for NFTs since Ethereum created its ERC-721 standard.[\[175\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Entriken-2021-175)[\[176\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-176)
ERC-721 is an "inheritable" [smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") standard, which means that developers can create contracts by copying from a reference implementation. ERC-721 provides core methods that allow tracking the owner of a unique identifier, as well as a way for the owner to transfer the asset to others.[\[175\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Entriken-2021-175) Another standard, ERC-1155, offers "semi-fungibility" whereby a token represents a class of interchangeable assets.[\[177\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Radomski-2021-177)
## Issues and criticisms
### Unenforceability of content ownership
[](https://en.wikipedia.org/wiki/File:Right-clicked_NFT.png)
As an image on the web, the digital art linked to a non-fungible token may be saved like any other picture file.
Because the contents of NFTs are publicly accessible, anybody can easily copy a file referenced by an NFT. Furthermore, the ownership of an NFT on the blockchain does not inherently convey legally enforceable intellectual property rights to the file.
It has become well known that an NFT image can be copied or saved from a web browser by using a [right click menu](https://en.wikipedia.org/wiki/Context_menu "Context menu") to download the referenced image. NFT supporters disparage this duplication of NFT artwork as a "right-clicker mentality". One collector quoted by *[Vice](https://en.wikipedia.org/wiki/Vice_\(magazine\) "Vice (magazine)")* compared the value of a purchased NFT (in contrast to an unpurchased copy of the underlying asset) to that of a [status symbol](https://en.wikipedia.org/wiki/Status_symbol "Status symbol") "to show off that they can afford to pay that much".[\[12\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-vice_right-clicker-12)
The "right-clicker mentality" phrase spread virally after its introduction, particularly among those who were critical of the NFT marketplace and who appropriated the term to flaunt their ability to capture digital art backed by NFT with ease.[\[12\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-vice_right-clicker-12) This criticism was promoted by Australian programmer Geoffrey Huntley who created "The NFT Bay", modeled after [The Pirate Bay](https://en.wikipedia.org/wiki/The_Pirate_Bay "The Pirate Bay"). The NFT Bay advertised a [torrent file](https://en.wikipedia.org/wiki/Torrent_file "Torrent file") purported to contain 19 [terabytes](https://en.wikipedia.org/wiki/Terabyte "Terabyte") of digital art NFT images. Huntley compared his work to an art project from [Pauline Pantsdown](https://en.wikipedia.org/wiki/Pauline_Pantsdown "Pauline Pantsdown") and hoped the site would help educate users on what NFTs are and are not.[\[178\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-178)
The ease of copying NFT content highlights broader legal challenges related to "tokenization," the process by which NFTs purport to represent ownership of underlying assets. Prior to recent legal reforms, such as the 2022 amendments to the [Uniform Commercial Code](https://en.wikipedia.org/wiki/Uniform_Commercial_Code "Uniform Commercial Code") (UCC) in the United States, tokenization faced significant hurdles under traditional property law. Legal scholars have noted that NFTs did not inherently embody ownership rights enforceable against third parties, as the blockchain record alone does not align with established legal frameworks for property.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179) For example, if an NFT claims to represent ownership of digital art, but the art is transferred separately to another party, the NFT holder may lack a legal basis to reclaim it, leaving them with only a contractual claim against the issuer rather than a property right in the asset itself.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179)
This issue stems from the *numerus clausus* principle, a cornerstone of property law that limits the types of property rights to a finite, standardized list recognized by law. Historically, tokenization mechanisms—like negotiable instruments or bills of lading—required specific legal recognition to function as enforceable representations of rights in underlying assets. Without such recognition, NFTs struggled to fit within these constraints, as parties could not create new property rights at will.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179) In the U.S., the UCC's Article 12, introduced in 2022, addresses this by classifying NFTs as "controllable electronic records" (CERs), a new category of personal property that can be owned, transferred, and used as collateral with legal clarity. This reform enables tokenization under specific conditions, such as when an NFT represents a "controllable account" (e.g., a payment right), provided the underlying debtor agrees to honor the controller of the CER.[\[180\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-DickOdinetTosato-180) However, for digital art or other assets without such agreements, the disconnect between NFT ownership and enforceable content rights persists, reinforcing the "right-clicker" critique that blockchain ownership does not guarantee control over the underlying file.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179)[\[180\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-DickOdinetTosato-180)
### Storage off-chain
NFTs that represent digital art generally do not store the associated artwork file on the blockchain due to the large size of such a file and the limited processing speed of blockchains. Such a token functions like a certificate of ownership, with a [web address](https://en.wikipedia.org/wiki/Web_address "Web address") that points to the piece of art in question; this however makes the art itself vulnerable to [link rot](https://en.wikipedia.org/wiki/Link_rot "Link rot").[\[23\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-dash2-23)
### Environmental concerns
See also: [Environmental impact of bitcoin](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin")
NFT purchases and sales have been enabled by the high energy usage, and consequent [greenhouse gas emissions](https://en.wikipedia.org/wiki/Greenhouse_gas_emissions "Greenhouse gas emissions"), associated with some kinds of blockchain transactions.[\[181\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Calma-181) Though all forms of Ethereum transactions have had an impact on the environment, the direct impact of these transaction has also depended on the size of the transaction.[\[182\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-182) The [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") protocol required to regulate and verify blockchain transactions on networks (including Ethereum until 2022) consumes a large amount of electricity.[\[183\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-183)[\[184\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-184) To estimate the carbon footprint of a given NFT transaction requires a variety of assumptions or estimations about the manner in which that transaction is set up on the blockchain, the economic behavior of blockchain miners (and the energy demands of their mining equipment),[\[185\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-185) and the amount of renewable energy being used on these networks.[\[186\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-186) There are also conceptual questions, such as whether the carbon footprint estimate for an NFT purchase should incorporate some portion of the ongoing energy demand of the underlying network, or just the marginal impact of that particular purchase.[\[187\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-De-Mattei-187) An analogy might be the carbon footprint associated with an additional passenger on a given airline flight.[\[181\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Calma-181)
In 2022, Ethereum cut its energy usage by 99.99 percent by switching to [proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake").[\[188\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-188)[\[189\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-189) Other approaches to reducing electricity include the use of off-chain transactions as part of minting an NFT.[\[181\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Calma-181) Some NFT markets have offered the option of buying carbon offsets when making NFT purchases, although the environmental benefits of this have been questioned.[\[190\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-190) In some instances, NFT artists have decided against selling some of their own work to limit carbon emission contributions.[\[191\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Howson-2021-191)
### Artist and buyer fees
Sales platforms charge artists and buyers fees for minting, listing, claiming, and secondary sales. Analysis of NFT markets in March 2021, in the immediate aftermath of Beeple's "Everydays: the First 5000 Days" selling for [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")69\.3 million, found that most NFT artworks were selling for less than [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")200, with a third selling for less than [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")100\.[\[192\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-artnet-192) Those selling NFTs below \$100 were paying platform fees between 72.5% and 157.5% of that amount. On average the fees make up 100.5% of the price, meaning that such artists were on average paying more money in fees than they were making in sales.[\[192\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-artnet-192)
### Plagiarism and fraud
There have been cases of artists and creators having their work sold by others as an NFT without permission.[\[193\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Williams-2021-193) After the artist Qing Han died in 2020, her identity was assumed by a fraudster and a number of her works became available for purchase as NFTs.[\[194\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-194) Similarly, a seller posing as Banksy succeeded in selling an NFT supposedly made by the artist for \$336,000 in 2021; the seller refunded the money after the case drew media attention.[\[195\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-195)
#### Voiceverse NFT plagiarism scandal
Main article: [Voiceverse NFT plagiarism scandal](https://en.wikipedia.org/wiki/Voiceverse_NFT_plagiarism_scandal "Voiceverse NFT plagiarism scandal")
In January 2022, the first instance of [speech synthesis](https://en.wikipedia.org/wiki/Speech_synthesis "Speech synthesis") NFT plagiarism and fraud occurred when an NFT company called [Voiceverse](https://en.wikipedia.org/wiki/Voiceverse "Voiceverse") was discovered to have stolen content from [15\.ai](https://en.wikipedia.org/wiki/15.ai "15.ai"), a non-commercial [text-to-speech](https://en.wikipedia.org/wiki/Text-to-speech "Text-to-speech") project. Log files revealed that Voiceverse had generated voice lines of [Twilight Sparkle](https://en.wikipedia.org/wiki/Twilight_Sparkle "Twilight Sparkle") and [Rainbow Dash](https://en.wikipedia.org/wiki/Rainbow_Dash "Rainbow Dash") using 15.ai, pitched them up to sound unrecognizable, promoted them as the byproduct of their own technology, and sold them as NFTs without permission. When confronted, Voiceverse stated that someone on their marketing team had used the voice without proper attribution.[\[196\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Innes-2022-196)[\[197\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-197)[\[198\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-198)[\[199\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-199) The [developer of 15.ai](https://en.wikipedia.org/wiki/15_\(programmer\) "15 (programmer)"), who had previously stated their opposition to NFTs a month prior to the incident,[\[196\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Innes-2022-196) responded with a [tweet](https://en.wikipedia.org/wiki/Tweet_\(social_media\) "Tweet (social media)") saying "Go fuck yourself," which went [viral](https://en.wikipedia.org/wiki/Viral_phenomenon "Viral phenomenon") and gained widespread support.[\[200\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-200)
The anonymity associated with NFTs and the ease with which they can be forged make it difficult to pursue legal action against NFT plagiarists.[\[201\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-huge_mess-201)
In February 2023, artist Mason Rothschild was ordered to pay \$133,000 in damages to [Hermès](https://en.wikipedia.org/wiki/Herm%C3%A8s "Hermès") by a New York court, after a jury sided with the copyright holder, for his 2021 digital depictions of the brand's [Birkin handbag](https://en.wikipedia.org/wiki/Birkin_bag "Birkin bag").[\[202\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-202)
Some NFT marketplaces responded to cases of plagiarism by creating "takedown teams" to respond to artist complaints. The NFT marketplace OpenSea has rules against plagiarism and [deepfakes](https://en.wikipedia.org/wiki/Deepfake "Deepfake") (non-consensual intimate imagery). Some artists criticized OpenSea's efforts, saying they are slow to respond to takedown requests and that artists are subject to support scams from users who claim to be representatives of the platform.[\[74\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TechCrunch-2022-74) Others argue that there is no market incentive for NFT marketplaces to crack down on plagiarism.[\[201\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-huge_mess-201)
- A process known as "sleepminting" allows a fraudster to mint an NFT in an artist's wallet and transfer it back to their own account without the artist becoming aware.[\[203\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-news.artnet.com-203) This allowed a [white hat](https://en.wikipedia.org/wiki/White_hat_\(computer_security\) "White hat (computer security)") hacker to mint a fraudulent NFT that had seemingly originated from the wallet of the artist [Beeple](https://en.wikipedia.org/wiki/Beeple "Beeple").[\[203\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-news.artnet.com-203)
- Plagiarism concerns led the art website [DeviantArt](https://en.wikipedia.org/wiki/DeviantArt "DeviantArt") to create an algorithm that compares user art posted on the DeviantArt website against art on popular NFT marketplaces. If the algorithm identifies art that is similar, it notifies and instructs the author how they can contact NFT marketplaces to request that they take down their plagiarized work.[\[74\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TechCrunch-2022-74)
- The BBC reported a case of insider trading when an employee of the NFT marketplace OpenSea bought specific NFTs before they were launched, with prior knowledge those NFTs would be promoted on the company's home page. NFT trading is an unregulated market in which there is no legal recourse for such abuses.[\[204\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-204)
- When [Adobe](https://en.wikipedia.org/wiki/Adobe_Inc. "Adobe Inc.") announced they were adding NFT support to their graphics editor [Photoshop](https://en.wikipedia.org/wiki/Photoshop "Photoshop"), the company proposed creating an [InterPlanetary File System](https://en.wikipedia.org/wiki/InterPlanetary_File_System "InterPlanetary File System") database as an alternative means of establishing authenticity for digital works.[\[205\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-205)
- The price paid for specific NFTs and the sales volume of a particular NFT author may be artificially inflated by [wash trading](https://en.wikipedia.org/wiki/Wash_trading "Wash trading"), which is prevalent due to a lack of government regulation on NFTs.[\[206\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Moguldom_2021-206)[\[207\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-207)
### Security
In January 2022, it was reported that some NFTs were being exploited by sellers to unknowingly gather users' [IP addresses](https://en.wikipedia.org/wiki/IP_address "IP address"). The "exploit" works via the off-chain nature of NFT, as the user's computer automatically follows a web address in the NFT to display the content. The server at the address can then log the IP address and, in some cases, dynamically alter the returned content to show the result. OpenSea has a particular vulnerability to this loophole because it allows HTML files to be linked.[\[208\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-208)
### Pyramid/Ponzi scheme claims
Critics compare the structure of the NFT market to a [pyramid](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme") or Ponzi scheme, in which early adopters profit at the expense of those buying in later.[\[209\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-209) In June 2022, [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates") stated his belief that NFTs are "100% based on [greater fool theory](https://en.wikipedia.org/wiki/Greater_fool_theory "Greater fool theory")".[\[210\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-210)
### "Rug pull" exit scams
A "rug pull" is a scam, similar to an [exit scam](https://en.wikipedia.org/wiki/Exit_scam "Exit scam") or a [pump and dump](https://en.wikipedia.org/wiki/Pump_and_dump "Pump and dump") scheme, in which the developers of an NFT or other blockchain project hype the value of a project to pump up the price of the NFT and then suddenly sell all their tokens to lock in massive profits or otherwise abandon the project while removing liquidity, permanently destroying the value of the project and leaving investors without their initial investment.[\[211\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-211)
## See also
- [Certificate of authenticity](https://en.wikipedia.org/wiki/Certificate_of_authenticity "Certificate of authenticity")
- [Decentralized autonomous organization](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization "Decentralized autonomous organization")
- [Deed](https://en.wikipedia.org/wiki/Deed "Deed")
- [William Entriken](https://en.wikipedia.org/wiki/William_Entriken "William Entriken"), lead author of ERC-721
- [Title (property)](https://en.wikipedia.org/wiki/Title_\(property\) "Title (property)")
- [Web3](https://en.wikipedia.org/wiki/Web3 "Web3")
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Thomas, Dana (October 4, 2021). ["Dolce & Gabbana Just Set a \$6 Million Record for Fashion NFTs"](https://www.nytimes.com/2021/10/04/style/dolce-gabbana-nft.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved January 20, 2022.
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Lee, Isabelle (November 17, 2021). ["Luxury NFTs could become a \$56 billion market by 2030 and could see 'dramatically' increased demand thanks to the metaverse, Morgan Stanley says"](https://markets.businessinsider.com/news/currencies/luxury-nfts-metaverse-56-billion-market-revenue-2030-morgan-stanley-2021-11). *Insider*. Retrieved January 20, 2022.
94. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-94)**
Taylor, Josh (July 21, 2022). ["Minecraft developers won't allow NFTs on gaming platform"](https://www.theguardian.com/games/2022/jul/21/minecraft-developers-wont-allow-nfts-on-gaming-platform). *The Guardian*. Retrieved July 21, 2022.
95. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-95)**
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[978-3-031-07202-4](https://en.wikipedia.org/wiki/Special:BookSources/978-3-031-07202-4 "Special:BookSources/978-3-031-07202-4")
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96. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-96)**
Lee, Edward (2022). ["NFTs as Decentralized Intellectual Property"](https://doi.org/10.2139%2Fssrn.4023736). *University of Illinois Law Review*: 36, 39, 43. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.2139/ssrn.4023736](https://doi.org/10.2139%2Fssrn.4023736). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [247727602](https://api.semanticscholar.org/CorpusID:247727602). [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [4023736](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4023736). "Using NFTs, artists now have the option of choosing to require a resale royalty for every resale of their NFTs."
97. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-97)**
Heal, Jordan (June 24, 2019). ["Deadpool posters can now be bought as NFTs"](https://web.archive.org/web/20211109233841/https://www.yahoo.com/entertainment/deadpool-posters-now-bought-nfts-110019928.html). *Coin Rivet*. Archived from [the original](https://www.yahoo.com/entertainment/deadpool-posters-now-bought-nfts-110019928.html) on November 9, 2021. Retrieved May 19, 2021 – via Yahoo!.
Cf.
Chmielewski, Dawn C. (August 3, 2018). ["'Deadpool 2' Jumps on the Digital Collectibles Bandwagon"](https://deadline.com/2018/08/deadpool-2-jumps-digital-collectibles-blockchain-1202439356/). *Deadline*. Retrieved May 19, 2021.
98. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-98)**
Ravindran, Manori (March 15, 2021). ["NFT Craze Enters Film World: 'Claude Lanzmann' Documentary is First Oscar Nominee to Be Released as Digital Token"](https://variety.com/2021/film/global/nft-movies-first-film-sale-claude-lanzmann-documentary-1234930343/). *Variety*. Retrieved April 14, 2021.
99. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-99)**
Bosselman, Haley (March 31, 2021). ["'Godzilla vs. Kong' to Have First Major Motion Picture NFT Art Release"](https://variety.com/2021/film/news/godzilla-vs-kong-first-major-motion-picture-nft-art-release-1234941253/). *Variety*. Retrieved April 14, 2021.
100. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-100)**
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101. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-101)**
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102. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-102)**
["Shakira y Piqué son los protagonistas de esta colección NFT"](https://www.infobae.com/america/tecno/2023/01/16/shakira-y-pique-son-los-protagonistas-de-esta-coleccion-nft/). *infobae* (in European Spanish). January 16, 2023. Retrieved September 14, 2025.
103. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-103)**
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104. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-104)**
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105. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-105)**
Diaz, Johnny (November 17, 2017). ["Miramax Sues Quentin Tarantino Over Planned 'Pulp Fiction' NFTs"](https://www.nytimes.com/2021/11/17/business/miramax-tarantino-nft-pulp-fiction.html). *The New York Times*. Retrieved September 8, 2021.
Cf.
Sestino, Andrea; Guido, Gianluigi; Peluso, Alessandro M. (2022). *Non-Fungible Tokens (NFTs). Examining the Impact on Consumers and Marketing Strategies*. p. 33. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-3-031-07203-1](https://doi.org/10.1007%2F978-3-031-07203-1). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-031-07202-4](https://en.wikipedia.org/wiki/Special:BookSources/978-3-031-07202-4 "Special:BookSources/978-3-031-07202-4")
. [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [250238540](https://api.semanticscholar.org/CorpusID:250238540).
See also
Lee, Edward (2022). ["NFTs as Decentralized Intellectual Property"](https://doi.org/10.2139%2Fssrn.4023736). *University of Illinois Law Review*: 41 f. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.2139/ssrn.4023736](https://doi.org/10.2139%2Fssrn.4023736). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [247727602](https://api.semanticscholar.org/CorpusID:247727602). [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [4023736](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4023736).
106. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-106)**
Bethany Minelle (September 2, 2022). ["Muse's Will Of The People becomes first UK number one album with NFT technology"](https://news.sky.com/story/muses-will-of-the-people-becomes-first-uk-number-one-album-with-nft-technology-12687851). Sky News. Retrieved May 20, 2023.
107. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-107)**
Eamonn Forde (August 1, 2022). ["Sales from the crypto: Muse NFT album to become first new chart-eligible format in seven years"](https://www.theguardian.com/music/2022/aug/01/muse-release-nft-edition-album-will-of-the-people-charts). *[The Guardian](https://en.wikipedia.org/wiki/The_Guardian "The Guardian")*. Retrieved May 20, 2023.
108. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-108)**
Stassen, Murray (March 12, 2021). ["Music-related NFT sales have topped \$25m in the past month"](https://www.musicbusinessworldwide.com/music-related-nft-sales-have-topped-25m-in-the-past-month/). *Music Business Worldwide*. Retrieved May 7, 2021.
109. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Brown-2021_109-0)**
Brown, Abram. ["Largest NFT Sale Ever Came From A Business School Dropout Turned Star DJ"](https://www.forbes.com/sites/abrambrown/2021/03/03/3lau-nft-nonfungible-tokens-justin-blau/). *Forbes*. Retrieved May 20, 2021.
110. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-110)**
Barcelin, Jason (May 1, 2021). ["Las Vegas DJ-producer makes millions selling NFTs"](https://www.reviewjournal.com/business/entrepreneurs/las-vegas-dj-producer-makes-millions-selling-nfts-2343633/). *Las Vegas Review-Journal*. Retrieved October 13, 2021.
111. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-111)**
Hissong, Samantha (March 3, 2021). ["Kings of Leon Will Be the First Band to Release an Album as an NFT"](https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/). *Rolling Stone*. Retrieved May 19, 2021.
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Steele, Anne (March 23, 2021). ["Musicians Turn to NFTs to Make Up for Lost Revenue"](https://www.wsj.com/articles/nfts-are-music-industrys-latest-big-hit-11616491801). *The Wall Street Journal*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). Retrieved May 7, 2021.
113. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-113)**
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114. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Cheddar_2021-03-232_114-0)**
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See also
["NFTs: The future of ticketing?"](https://www.iq-mag.net/2021/05/nfts-future-ticketing/). *IQ Mag*. May 6, 2021. Retrieved January 3, 2023.
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Calma, Justine (March 15, 2021). ["The climate controversy swirling around NFTs"](https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change). *The Verge*. Retrieved April 15, 2021.
182. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-182)**
Marro, Samuele; Donno, Luca (January 29, 2022). "Green NFTs: A Study on the Environmental Impact of Cryptoart Technologies". [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[2202\.00003](https://arxiv.org/abs/2202.00003) \[[cs.CR](https://arxiv.org/archive/cs.CR)\].
183. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-183)**
Krause, Max; Tolaymat, Thabet (2018). ["Quantification of energy and carbon costs for mining cryptocurrencies"](https://www.nature.com/articles/s41893-018-0152-7.epdf). *Nature Sustainability*. **1**: 814. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1038/s41893-018-0188-8](https://doi.org/10.1038%2Fs41893-018-0188-8).
184. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-184)**
Gallersdorfer, Ulrich; Klassen, Lena; Stoll, Christian (2020). ["Energy Consumption of Cryptocurrencies Beyond Bitcoin"](https://www.cell.com/action/showPdf?pii=S2542-4351\(20\)30331-7). *Joule*. **4** (9): 1843–1846\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2020Joule...4.1843G](https://ui.adsabs.harvard.edu/abs/2020Joule...4.1843G). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.joule.2020.07.013](https://doi.org/10.1016%2Fj.joule.2020.07.013). [PMC](https://en.wikipedia.org/wiki/PMC_\(identifier\) "PMC (identifier)") [7402366](https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7402366). [PMID](https://en.wikipedia.org/wiki/PMID_\(identifier\) "PMID (identifier)") [32838201](https://pubmed.ncbi.nlm.nih.gov/32838201).
185. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-185)**
deVries, Alex (May 16, 2018). ["Bitcoin's Growing Energy Problem"](https://doi.org/10.1016%2Fj.joule.2018.04.016). *Joule*. **2** (5): 801–805\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2018Joule...2..801D](https://ui.adsabs.harvard.edu/abs/2018Joule...2..801D). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.joule.2018.04.016](https://doi.org/10.1016%2Fj.joule.2018.04.016).
186. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-186)**
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187. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-De-Mattei_187-0)**
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188. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-188)**
Sparkes, Matthew (April 26, 2023). ["Cryptocurrency Ethereum has slashed its energy use by 99.99 per cent"](https://www.newscientist.com/article/2369304-cryptocurrency-ethereum-has-slashed-its-energy-use-by-99-99-per-cent/). *New Scientist*.
189. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-189)**
Clark, Aaron (December 6, 2022). ["Ethereum's Energy Revamp Is No Guarantee of Global Climate Gains"](https://www.bloomberg.com/news/articles/2022-12-06/ethereum-cut-its-energy-use-99-but-climate-gains-may-be-curbed). *Bloomberg*.
190. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-190)**
Di Liscia, Valentina (April 5, 2021). ["Does Carbon Offsetting Really Address the NFT Ecological Dilemma?"](https://hyperallergic.com/634236/does-carbon-offsetting-really-address-the-nft-ecological-dilemma/). *Hypoallergic*. Retrieved April 21, 2021.
191. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Howson-2021_191-0)**
Howson, Peter (April 2021). ["NFTs: why digital art has such a massive carbon footprint"](https://theconversation.com/nfts-why-digital-art-has-such-a-massive-carbon-footprint-158077). *The Conversation*. Retrieved April 6, 2021.
192. ^ [***a***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-artnet_192-0) [***b***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-artnet_192-1)
Kinsella, Eileen (April 29, 2021). ["Think Everyone Is Getting Rich Off NFTs? Most Sales Are Actually \$200 or Less, According to One Report"](https://news.artnet.com/market/think-artists-are-getting-rich-off-nfts-think-again-1962752). *Artnet News*. Retrieved November 19, 2021.
193. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Williams-2021_193-0)**
Williams, Rhiannon (April 2, 2021). ["NFT digital art: Would you pay millions of pounds for art you can't touch?"](https://inews.co.uk/news/technology/pay-millions-art-you-cant-touch-inside-nft-digital-art-940943). *inews Technology*. Retrieved August 28, 2021.
194. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-194)**
Kwan, Jacklin (July 28, 2021). ["An artist died. Then thieves made NFTs of her work"](https://www.wired.co.uk/article/nft-fraud-qinni-art). *Wired*. Retrieved August 28, 2021.
195. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-195)**
["Fake Banksy NFT sold through artist's website for £244k"](https://www.bbc.co.uk/news/technology-58399338). BBC News. August 31, 2021.
196. ^ [***a***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Innes-2022_196-0) [***b***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Innes-2022_196-1)
Innes, Ruby (January 18, 2022). ["Voiceverse Is The Latest NFT Company Caught Using Someone Else's Content"](https://web.archive.org/web/20240726140924/https://www.kotaku.com.au/2022/01/voiceverse-caught-using-someone-elses-content/). *[Kotaku Australia](https://en.wikipedia.org/wiki/Kotaku_Australia "Kotaku Australia")*. Archived from [the original](https://www.kotaku.com.au/2022/01/voiceverse-caught-using-someone-elses-content/) on July 26, 2024. Retrieved February 28, 2025.
197. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-197)**
Phillips, Tom (January 17, 2022). ["Troy Baker-backed NFT firm admits using voice lines taken from another service without permission"](https://www.eurogamer.net/articles/2022-01-17-troy-baker-backed-nft-firm-admits-using-voice-lines-taken-from-another-service-without-permission). *[Eurogamer](https://en.wikipedia.org/wiki/Eurogamer "Eurogamer")*. [Archived](https://web.archive.org/web/20220117164033/https://www.eurogamer.net/articles/2022-01-17-troy-baker-backed-nft-firm-admits-using-voice-lines-taken-from-another-service-without-permission) from the original on January 17, 2022. Retrieved December 31, 2024.
198. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-198)**
Williams, Demi (January 18, 2022). ["Voiceverse NFT admits to taking voice lines from non-commercial service"](https://www.nme.com/news/gaming-news/voiceverse-nft-admits-to-taking-voice-lines-from-non-commercial-service-3140663). *[NME](https://en.wikipedia.org/wiki/NME "NME")*. [Archived](https://web.archive.org/web/20220118162845/https://www.nme.com/news/gaming-news/voiceverse-nft-admits-to-taking-voice-lines-from-non-commercial-service-3140663) from the original on January 18, 2022. Retrieved December 18, 2024.
199. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-199)**
Lam, Khoa (January 14, 2022). ["Incident 277: Voices Created Using Publicly Available App Stolen and Resold as NFT without Attribution"](https://incidentdatabase.ai/cite/277/). *[AI Incident Database](https://en.wikipedia.org/wiki/AI_Incident_Database "AI Incident Database")*. [Archived](https://web.archive.org/web/20250113102849/https://incidentdatabase.ai/cite/277/) from the original on January 13, 2025. Retrieved February 27, 2025.
200. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-200)**
Wright, Steve (January 17, 2022). ["Troy Baker-backed NFT company admits to using content without permission"](https://stevivor.com/news/troy-baker-nft-voiceverse-15-ai/). *Stevivor*. [Archived](https://web.archive.org/web/20220117231918/https://stevivor.com/news/troy-baker-nft-voiceverse-15-ai/) from the original on January 17, 2022. Retrieved December 18, 2024.
201. ^ [***a***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-huge_mess_201-0) [***b***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-huge_mess_201-1)
Beckett, Lois (January 29, 2022). ["'Huge mess of theft and fraud:' artists sound alarm as NFT crime proliferates"](https://www.theguardian.com/global/2022/jan/29/huge-mess-of-theft-artists-sound-alarm-theft-nfts-proliferates). *[The Guardian](https://en.wikipedia.org/wiki/The_Guardian "The Guardian")*. Retrieved January 31, 2022.
202. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-202)**
["Hermès wins landmark lawsuit over 'MetaBirkin' NFTs"](https://www.ft.com/content/5f40179e-7124-4479-8124-df193c49c276). *Financial Times*. February 8, 2023. Retrieved February 10, 2023.
203. ^ [***a***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-news.artnet.com_203-0) [***b***](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-news.artnet.com_203-1)
Schneider, Tim (April 21, 2021). ["The Gray Market: How a Brazen Hack of That \$69 Million Beeple Revealed the True Vulnerability of the NFT Market (and Other Insights)"](https://news.artnet.com/opinion/sleepminting-nftheft-monsieur-personne-1960744). *artnet news*. Retrieved August 28, 2021.
204. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-204)**
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205. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-205)**
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206. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Moguldom_2021_206-0)**
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207. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-207)**
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208. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-208)**
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209. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-209)**
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210. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-210)**
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211. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-211)**
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## External links
- [](https://en.wikipedia.org/wiki/File:Commons-logo.svg) Media related to [Non-fungible token](https://commons.wikimedia.org/wiki/Category:Non-fungible_token "commons:Category:Non-fungible token") at Wikimedia Commons
| [v](https://en.wikipedia.org/wiki/Template:Digital_art "Template:Digital art") [t](https://en.wikipedia.org/wiki/Template_talk:Digital_art "Template talk:Digital art") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Digital_art "Special:EditPage/Template:Digital art")[Digital art](https://en.wikipedia.org/wiki/Digital_art "Digital art") | |
|---|---|
| Tools | |
| | |
| Hardware | [Computer](https://en.wikipedia.org/wiki/Computer_art "Computer art") [CGI](https://en.wikipedia.org/wiki/Computer-generated_imagery "Computer-generated imagery") [2D graphics](https://en.wikipedia.org/wiki/2D_computer_graphics "2D computer graphics") [2\.5D](https://en.wikipedia.org/wiki/2.5D "2.5D") [3D graphics](https://en.wikipedia.org/wiki/3D_computer_graphics "3D computer graphics") [Xerox](https://en.wikipedia.org/wiki/Xerox_art "Xerox art") [3D printer](https://en.wikipedia.org/wiki/Applications_of_3D_printing "Applications of 3D printing") |
| Software | [Graphic art software](https://en.wikipedia.org/wiki/Graphic_art_software "Graphic art software") ([Photoshop](https://en.wikipedia.org/wiki/Adobe_Photoshop "Adobe Photoshop")) [Fractal-generating software](https://en.wikipedia.org/wiki/Fractal-generating_software "Fractal-generating software") [Animation software](https://en.wikipedia.org/wiki/Animation_software "Animation software") |
| Forms | [Art game](https://en.wikipedia.org/wiki/Art_game "Art game") [Artificial intelligence art](https://en.wikipedia.org/wiki/Artificial_intelligence_art "Artificial intelligence art") [ASCII art](https://en.wikipedia.org/wiki/ASCII_art "ASCII art") [Computer art scene](https://en.wikipedia.org/wiki/Computer_art_scene "Computer art scene") [Computer music](https://en.wikipedia.org/wiki/Computer_music "Computer music") [Crypto art]() [Cyberarts](https://en.wikipedia.org/wiki/Cyberarts "Cyberarts") [Digital illustration](https://en.wikipedia.org/wiki/Digital_illustration "Digital illustration") [Digital imaging](https://en.wikipedia.org/wiki/Digital_imaging "Digital imaging") [Digital painting](https://en.wikipedia.org/wiki/Digital_painting "Digital painting") [Digital photography](https://en.wikipedia.org/wiki/Digital_photography "Digital photography") [Digital poetry](https://en.wikipedia.org/wiki/Digital_poetry "Digital poetry") [Digital architecture](https://en.wikipedia.org/wiki/Digital_architecture "Digital architecture") [Electronic music](https://en.wikipedia.org/wiki/Electronic_music "Electronic music") [Evolutionary art](https://en.wikipedia.org/wiki/Evolutionary_art "Evolutionary art") [Fractal art](https://en.wikipedia.org/wiki/Fractal_art "Fractal art") [Generative art](https://en.wikipedia.org/wiki/Generative_art "Generative art") [Generative AI](https://en.wikipedia.org/wiki/Generative_AI "Generative AI") [Generative music](https://en.wikipedia.org/wiki/Generative_music "Generative music") [GIF art](https://en.wikipedia.org/wiki/GIF_art "GIF art") [Glitch art](https://en.wikipedia.org/wiki/Glitch_art "Glitch art") [Immersion](https://en.wikipedia.org/wiki/Immersion_\(virtual_reality\) "Immersion (virtual reality)") [Interactive art](https://en.wikipedia.org/wiki/Interactive_art "Interactive art") [Internet art](https://en.wikipedia.org/wiki/Internet_art "Internet art") [Motion graphics](https://en.wikipedia.org/wiki/Motion_graphics "Motion graphics") [Music visualization](https://en.wikipedia.org/wiki/Music_visualization "Music visualization") [Photograph manipulation](https://en.wikipedia.org/wiki/Photograph_manipulation "Photograph manipulation") [Pixel art](https://en.wikipedia.org/wiki/Pixel_art "Pixel art") [Render art](https://en.wikipedia.org/wiki/Non-photorealistic_rendering#Artistic_rendering "Non-photorealistic rendering") [Software art](https://en.wikipedia.org/wiki/Software_art "Software art") [Systems art](https://en.wikipedia.org/wiki/Systems_art "Systems art") [Texture mapping](https://en.wikipedia.org/wiki/Texture_mapping "Texture mapping") [Virtual art](https://en.wikipedia.org/wiki/Virtual_art "Virtual art") |
| Notable artists | [Refik Anadol](https://en.wikipedia.org/wiki/Refik_Anadol "Refik Anadol") [Cory Arcangel](https://en.wikipedia.org/wiki/Cory_Arcangel "Cory Arcangel") [Beeple](https://en.wikipedia.org/wiki/Beeple "Beeple") [Sougwen Chung](https://en.wikipedia.org/wiki/Sougwen_Chung "Sougwen Chung") [Harold Cohen](https://en.wikipedia.org/wiki/Harold_Cohen_\(artist\) "Harold Cohen (artist)") [Dangiuz](https://en.wikipedia.org/wiki/Dangiuz "Dangiuz") [Char Davies](https://en.wikipedia.org/wiki/Char_Davies "Char Davies") [Stephanie Dinkins](https://en.wikipedia.org/wiki/Stephanie_Dinkins "Stephanie Dinkins") [Jake Elwes](https://en.wikipedia.org/wiki/Jake_Elwes "Jake Elwes") [David Em](https://en.wikipedia.org/wiki/David_Em "David Em") [Desmond Paul Henry](https://en.wikipedia.org/wiki/Desmond_Paul_Henry "Desmond Paul Henry") [Mario Klingemann](https://en.wikipedia.org/wiki/Mario_Klingemann "Mario Klingemann") [Emi Kusano](https://en.wikipedia.org/wiki/Emi_Kusano "Emi Kusano") [Lynn Hershman Leeson](https://en.wikipedia.org/wiki/Lynn_Hershman_Leeson "Lynn Hershman Leeson") [Zachary Lieberman](https://en.wikipedia.org/wiki/Zachary_Lieberman "Zachary Lieberman") [Margot Lovejoy](https://en.wikipedia.org/wiki/Margot_Lovejoy "Margot Lovejoy") [Mauro Martino](https://en.wikipedia.org/wiki/Mauro_Martino "Mauro Martino") [Eric Millikin](https://en.wikipedia.org/wiki/Eric_Millikin "Eric Millikin") [Hamid Naderi Yeganeh](https://en.wikipedia.org/wiki/Hamid_Naderi_Yeganeh "Hamid Naderi Yeganeh") [Trevor Paglen](https://en.wikipedia.org/wiki/Trevor_Paglen "Trevor Paglen") [Casey Reas](https://en.wikipedia.org/wiki/Casey_Reas "Casey Reas") [Anna Ridler](https://en.wikipedia.org/wiki/Anna_Ridler "Anna Ridler") [Ben Rubin (artist)](https://en.wikipedia.org/wiki/Ben_Rubin_\(artist\) "Ben Rubin (artist)") [Karl Sims](https://en.wikipedia.org/wiki/Karl_Sims "Karl Sims") [Camille Utterback](https://en.wikipedia.org/wiki/Camille_Utterback "Camille Utterback") [Pindar Van Arman](https://en.wikipedia.org/wiki/Pindar_Van_Arman "Pindar Van Arman") [XCOPY](https://en.wikipedia.org/wiki/XCOPY_\(artist\) "XCOPY (artist)") |
| Notable artworks | *[Edmond de Belamy](https://en.wikipedia.org/wiki/Edmond_de_Belamy "Edmond de Belamy")* [Barnsley fern](https://en.wikipedia.org/wiki/Barnsley_fern "Barnsley fern") *[Jesus Dress Up](https://en.wikipedia.org/wiki/Jesus_Dress_Up "Jesus Dress Up")* *[Listening Post (artwork)](https://en.wikipedia.org/wiki/Listening_Post_\(artwork\) "Listening Post (artwork)")* *[Remember To Rise](https://en.wikipedia.org/wiki/Remember_To_Rise "Remember To Rise")* |
| Organizations, conferences | [Artfutura](https://en.wikipedia.org/wiki/Artfutura "Artfutura") [Artmedia](https://en.wikipedia.org/wiki/Artmedia "Artmedia") [Austin Museum of Digital Art](https://en.wikipedia.org/wiki/Austin_Museum_of_Digital_Art "Austin Museum of Digital Art") [Computer Arts Society](https://en.wikipedia.org/wiki/Computer_Arts_Society "Computer Arts Society") [EVA Conferences](https://en.wikipedia.org/wiki/EVA_Conferences "EVA Conferences") [Los Angeles Center for Digital Art](https://en.wikipedia.org/wiki/Los_Angeles_Center_for_Digital_Art "Los Angeles Center for Digital Art") [Lumen Prize](https://en.wikipedia.org/wiki/Lumen_Prize "Lumen Prize") [onedotzero](https://en.wikipedia.org/wiki/Onedotzero "Onedotzero") [SIGGRAPH](https://en.wikipedia.org/wiki/SIGGRAPH "SIGGRAPH") [V\&A Digital Futures](https://en.wikipedia.org/wiki/V%26A_Digital_Futures "V&A Digital Futures") [Worth1000](https://en.wikipedia.org/wiki/Worth1000 "Worth1000") |
| [v](https://en.wikipedia.org/wiki/Template:Cryptocurrencies "Template:Cryptocurrencies") [t](https://en.wikipedia.org/wiki/Template_talk:Cryptocurrencies "Template talk:Cryptocurrencies") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Cryptocurrencies "Special:EditPage/Template:Cryptocurrencies")[Cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") | |
|---|---|
| Technology | [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency tumbler](https://en.wikipedia.org/wiki/Cryptocurrency_tumbler "Cryptocurrency tumbler") [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Cryptographic hash function](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") [Decentralized exchange](https://en.wikipedia.org/wiki/Decentralized_finance#Decentralized_exchanges "Decentralized finance") [Decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance "Decentralized finance") [Distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") [Fork](https://en.wikipedia.org/wiki/Fork_\(blockchain\) "Fork (blockchain)") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [MetaMask](https://en.wikipedia.org/wiki/MetaMask "MetaMask") [Smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") [Web3](https://en.wikipedia.org/wiki/Web3 "Web3") |
| [Consensus](https://en.wikipedia.org/wiki/Consensus_\(computer_science\) "Consensus (computer science)") mechanisms | [Proof of authority](https://en.wikipedia.org/wiki/Proof_of_authority "Proof of authority") [Proof of space](https://en.wikipedia.org/wiki/Proof_of_space "Proof of space") [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") |
| [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") currencies | |
| | |
| [SHA-256](https://en.wikipedia.org/wiki/SHA-2 "SHA-2")\-based | [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Counterparty](https://en.wikipedia.org/wiki/Counterparty_\(platform\) "Counterparty (platform)") [LBRY](https://en.wikipedia.org/wiki/LBRY "LBRY") [MazaCoin](https://en.wikipedia.org/wiki/MazaCoin "MazaCoin") [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Titcoin](https://en.wikipedia.org/wiki/Titcoin "Titcoin") |
| [Ethash](https://en.wikipedia.org/wiki/Ethereum "Ethereum")\-based | [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (1.0) [Ethereum Classic](https://en.wikipedia.org/wiki/Ethereum_Classic "Ethereum Classic") |
| [Scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt")\-based | [Auroracoin](https://en.wikipedia.org/wiki/Auroracoin "Auroracoin") [Bitconnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") |
| [Equihash](https://en.wikipedia.org/wiki/Equihash "Equihash")\-based | [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Zcash](https://en.wikipedia.org/wiki/Zcash "Zcash") |
| RandomX-based | [Monero](https://en.wikipedia.org/wiki/Monero "Monero") |
| [X11](https://en.wikipedia.org/wiki/Dash_\(cryptocurrency\)#X11 "Dash (cryptocurrency)")\-based | [Dash](https://en.wikipedia.org/wiki/Dash_\(cryptocurrency\) "Dash (cryptocurrency)") [Petro](https://en.wikipedia.org/wiki/Petro_\(token\) "Petro (token)") |
| Other | [AmbaCoin](https://en.wikipedia.org/wiki/AmbaCoin "AmbaCoin") [Firo](https://en.wikipedia.org/wiki/Firo_\(cryptocurrency\) "Firo (cryptocurrency)") [IOTA](https://en.wikipedia.org/wiki/IOTA_\(technology\) "IOTA (technology)") [Nervos Network](https://en.wikipedia.org/wiki/Nervos_Network "Nervos Network") [Primecoin](https://en.wikipedia.org/wiki/Primecoin "Primecoin") [Verge](https://en.wikipedia.org/wiki/Verge_\(cryptocurrency\) "Verge (cryptocurrency)") [Vertcoin](https://en.wikipedia.org/wiki/Vertcoin "Vertcoin") |
| [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") currencies | [Algorand](https://en.wikipedia.org/wiki/Algorand "Algorand") [Avalanche](https://en.wikipedia.org/wiki/Avalanche_\(blockchain_platform\) "Avalanche (blockchain platform)") [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)") [EOS.IO](https://en.wikipedia.org/wiki/EOS.IO "EOS.IO") [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (2.0) [Gridcoin](https://en.wikipedia.org/wiki/Gridcoin "Gridcoin") [ICON](https://en.wikipedia.org/wiki/ICON_\(blockchain_platform\) "ICON (blockchain platform)") [Injective](https://en.wikipedia.org/wiki/Injective_\(blockchain\) "Injective (blockchain)") [Kin](https://en.wikipedia.org/wiki/Kin_\(cryptocurrency\) "Kin (cryptocurrency)") [Nxt](https://en.wikipedia.org/wiki/Nxt "Nxt") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Polkadot](https://en.wikipedia.org/wiki/Polkadot_\(blockchain_platform\) "Polkadot (blockchain platform)") [Solana](https://en.wikipedia.org/wiki/Solana_\(blockchain_platform\) "Solana (blockchain platform)") [Steem](https://en.wikipedia.org/wiki/Steemit "Steemit") [Tezos](https://en.wikipedia.org/wiki/Tezos "Tezos") [TON](https://en.wikipedia.org/wiki/The_Open_Network "The Open Network") |
| [ERC-20](https://en.wikipedia.org/wiki/ERC-20 "ERC-20") tokens | [Augur](https://en.wikipedia.org/wiki/Augur_\(software\) "Augur (software)") [Aventus](https://en.wikipedia.org/wiki/Aventus_\(protocol\) "Aventus (protocol)") [Basic Attention Token](https://en.wikipedia.org/wiki/Brave_\(web_browser\)#Basic_Attention_Token "Brave (web browser)") [Chainlink](https://en.wikipedia.org/wiki/Chainlink_\(blockchain_oracle\) "Chainlink (blockchain oracle)") [Kin](https://en.wikipedia.org/wiki/Kin_\(cryptocurrency\) "Kin (cryptocurrency)") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [Minds](https://en.wikipedia.org/wiki/Minds_\(social_network\) "Minds (social network)") [Polygon](https://en.wikipedia.org/wiki/Polygon_\(blockchain\) "Polygon (blockchain)") [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu_\(cryptocurrency\) "Shiba Inu (cryptocurrency)") [The DAO](https://en.wikipedia.org/wiki/The_DAO "The DAO") [TRON](https://en.wikipedia.org/wiki/Tron_\(blockchain\) "Tron (blockchain)") |
| [Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") | [Dai](https://en.wikipedia.org/wiki/Dai_\(cryptocurrency\) "Dai (cryptocurrency)") [Diem](https://en.wikipedia.org/wiki/Diem_\(digital_currency\) "Diem (digital currency)") [Pax](https://en.wikipedia.org/wiki/Paxos_Trust_Company#Paxos_Standard "Paxos Trust Company") [Terra](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") [USD Coin](https://en.wikipedia.org/wiki/USDC_\(cryptocurrency\) "USDC (cryptocurrency)") |
| [Meme coins](https://en.wikipedia.org/wiki/Meme_coins "Meme coins") | [CAR](https://en.wikipedia.org/wiki/$CAR "$CAR") [Chill Guy](https://en.wikipedia.org/wiki/$CHILLGUY "$CHILLGUY") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [LGBcoin](https://en.wikipedia.org/wiki/LGBcoin "LGBcoin") [Libra](https://en.wikipedia.org/wiki/$Libra "$Libra") [Melania](https://en.wikipedia.org/wiki/$Melania "$Melania") [Pawthereum](https://en.wikipedia.org/wiki/Pawthereum "Pawthereum") [Trump](https://en.wikipedia.org/wiki/$Trump "$Trump") |
| Other currencies | [Chia](https://en.wikipedia.org/wiki/Chia_\(cryptocurrency\) "Chia (cryptocurrency)") [Filecoin](https://en.wikipedia.org/wiki/Filecoin "Filecoin") [HBAR (Hashgraph)](https://en.wikipedia.org/wiki/Hashgraph "Hashgraph") [Helium](https://en.wikipedia.org/wiki/Helium_Network "Helium Network") [Luna](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") [MobileCoin](https://en.wikipedia.org/wiki/MobileCoin "MobileCoin") [Nano](https://en.wikipedia.org/wiki/Nano_\(cryptocurrency\) "Nano (cryptocurrency)") [NEO](https://en.wikipedia.org/wiki/NEO_\(cryptocurrency\) "NEO (cryptocurrency)") [SafeMoon](https://en.wikipedia.org/wiki/SafeMoon "SafeMoon") [Stellar](https://en.wikipedia.org/wiki/Stellar_\(payment_network\) "Stellar (payment network)") [WhopperCoin](https://en.wikipedia.org/wiki/WhopperCoin "WhopperCoin") [XRP Ledger](https://en.wikipedia.org/wiki/XRP_Ledger "XRP Ledger") |
| [Inactive currencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies#Inactive_currencies "List of cryptocurrencies") | [BitConnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [OneCoin](https://en.wikipedia.org/wiki/OneCoin "OneCoin") [Petro](https://en.wikipedia.org/wiki/Petro_\(token\) "Petro (token)") |
| Crypto service companies | [Hyperledger](https://en.wikipedia.org/wiki/Hyperledger "Hyperledger") [IQ.Wiki](https://en.wikipedia.org/wiki/IQ.Wiki "IQ.Wiki") [Initiative Q](https://en.wikipedia.org/wiki/Quahl "Quahl") |
| Related topics | [\$Libra cryptocurrency scandal](https://en.wikipedia.org/wiki/$Libra_cryptocurrency_scandal "$Libra cryptocurrency scandal") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [Airdrop](https://en.wikipedia.org/wiki/Airdrop_\(cryptocurrency\) "Airdrop (cryptocurrency)") [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") [BitLicense](https://en.wikipedia.org/wiki/BitLicense "BitLicense") [Blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game") [Complementary currency](https://en.wikipedia.org/wiki/Complementary_currency "Complementary currency") [Crypto-anarchy](https://en.wikipedia.org/wiki/Crypto-anarchy "Crypto-anarchy") [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") [Bankruptcy of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX") [Trial of Sam Bankman-Fried](https://en.wikipedia.org/wiki/Trial_of_Sam_Bankman-Fried "Trial of Sam Bankman-Fried") [Scam center](https://en.wikipedia.org/wiki/Scam_center "Scam center") [Pig butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam") [Cryptocurrencies in Europe](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Europe "Cryptocurrencies in Europe") [Cryptocurrencies in Puerto Rico](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico "Cryptocurrencies in Puerto Rico") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [Cryptocurrency in Australia](https://en.wikipedia.org/wiki/Cryptocurrency_in_Australia "Cryptocurrency in Australia") [Cryptocurrency in Nigeria](https://en.wikipedia.org/wiki/Cryptocurrency_in_Nigeria "Cryptocurrency in Nigeria") [Cryptocurrency scams](https://en.wikipedia.org/wiki/Category:Cryptocurrency_scams "Category:Cryptocurrency scams") [Digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") [Decentralized autonomous organization](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization "Decentralized autonomous organization") [Decentralized application](https://en.wikipedia.org/wiki/Decentralized_application "Decentralized application") [Distributed ledger technology law](https://en.wikipedia.org/wiki/Distributed_ledger_technology_law "Distributed ledger technology law") [Double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending") [Environmental impact](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin") [Initial coin offering](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") [Initial exchange offering](https://en.wikipedia.org/wiki/Initial_exchange_offering "Initial exchange offering") [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") [Non-fungible token]() [Token money](https://en.wikipedia.org/wiki/Token_money "Token money") [United States Strategic Bitcoin Reserve](https://en.wikipedia.org/wiki/Strategic_bitcoin_reserve_\(United_States\) "Strategic bitcoin reserve (United States)") [Virtual currency](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency") [Voiceverse NFT plagiarism scandal](https://en.wikipedia.org/wiki/Voiceverse_NFT_plagiarism_scandal "Voiceverse NFT plagiarism scandal") |
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Non-fungible token
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| Readable Markdown | [](https://en.wikipedia.org/wiki/File:NFT_diagram.svg)
Illustration of a non-fungible token generated by a [smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") (a program designed to automatically execute contract terms)
A **non-fungible token** (**NFT**) is a unique digital identifier that is recorded on a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") and is used to certify ownership and authenticity. They typically contain references to [digital files](https://en.wikipedia.org/wiki/Digital_file "Digital file") such as artworks, photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") (which are [fungible](https://en.wikipedia.org/wiki/Fungible "Fungible"), hence the name non-fungible token), and as a result they can't be copied, substituted, or subdivided.[\[1\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-1) Their ownership can be transferred by the owner, allowing NFTs to be sold and traded.
Initially pitched in 2017 as a new class of [investment](https://en.wikipedia.org/wiki/Investment "Investment") asset, NFT trading increased from US\$82 million in 2020 to US\$17 billion in 2021.[\[2\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-2) Its market was occasionally compared to an [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") or a [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme").[\[3\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-3) In 2022, the NFT market collapsed; a May 2022 estimate was that the number of sales was down over 90% compared to 2021. By September 2023 one report claimed that over 95% of NFT collections had zero [monetary value](https://en.wikipedia.org/wiki/Monetary_value "Monetary value").[\[4\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Yang2023-4)[\[5\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Vigliarolo2023-5)
Proponents claim that NFTs provide a public [certificate of authenticity](https://en.wikipedia.org/wiki/Certificate_of_authenticity "Certificate of authenticity") or [proof of ownership](https://en.wikipedia.org/wiki/Title_\(property\) "Title (property)"), but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning and does not necessarily grant [copyright](https://en.wikipedia.org/wiki/Copyright "Copyright"), [intellectual property](https://en.wikipedia.org/wiki/Intellectual_property "Intellectual property") rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file and does not prevent the creation of NFTs that reference identical files. NFTs have been used as [speculative](https://en.wikipedia.org/wiki/Speculation "Speculation") investments and have drawn criticism for the energy cost and [carbon footprint](https://en.wikipedia.org/wiki/Carbon_footprint "Carbon footprint") associated with some types of blockchain, as well as their use in [art scams](https://en.wikipedia.org/wiki/Confidence_trick "Confidence trick").[\[6\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-6)
Characteristics
An NFT is a data file, stored on a type of digital ledger called a blockchain, which can be sold and traded.[\[7\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-7) The NFT can be associated with a particular asset – digital or physical – such as an image, art, music, or recording of a sports event.[\[8\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-8) It may confer licensing rights to use the asset for a specified purpose.[\[9\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-$69_million_for_digital_art?-9) An NFT (and, if applicable, the associated license to use, copy, or display the underlying asset) can be traded and sold on digital markets.[\[10\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Kastrenakes-10) However, the extralegal nature of NFT trading usually results in an informal exchange of ownership over the asset that has no legal basis for enforcement,[\[11\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Mendis-2021-11) and so often confers little more than use as a status symbol.[\[12\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-vice_right-clicker-12)
NFTs function like [cryptographic](https://en.wikipedia.org/wiki/Cryptographic "Cryptographic") tokens, but unlike cryptocurrencies, NFTs are not usually mutually interchangeable, so they are not [fungible](https://en.wikipedia.org/wiki/Fungible "Fungible"). A non-fungible token contains data links, for example which point to details about where the associated art is stored, that can be affected by [link rot](https://en.wikipedia.org/wiki/Link_rot "Link rot").[\[13\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-13)
Copyright
[](https://en.wikipedia.org/wiki/File:NFT_ownership_diagram.svg)
A diagram showing the right to own a non-fungible token and linked file. In most cases, it is heavily dependent on the token's smart contract.
An NFT solely represents a proof of ownership of a blockchain record and does not necessarily imply that the owner possesses intellectual property rights to the digital asset the NFT purports to represent.[\[14\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-14)[\[15\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Thaddeus-Johns-2021-15)[\[16\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-16) Someone may sell an NFT that represents their work, but the buyer will not necessarily receive copyright to that work, and the seller may not be prohibited from creating additional NFT copies of the same work.[\[17\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-17)[\[18\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Clark-2021-18) According to legal scholar [Rebecca Tushnet](https://en.wikipedia.org/wiki/Rebecca_Tushnet "Rebecca Tushnet"), "In one sense, the purchaser acquires whatever the art world thinks they have acquired. They definitely do not own the copyright to the underlying work unless it is explicitly transferred."[\[19\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-19)
Certain NFT projects, such as [Bored Apes](https://en.wikipedia.org/wiki/Bored_Ape "Bored Ape"), explicitly assign intellectual property rights of individual images to their respective owners.[\[20\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-20) The NFT collection [CryptoPunks](https://en.wikipedia.org/wiki/CryptoPunks "CryptoPunks") was a project that initially prohibited owners of its NFTs from using the associated digital artwork for commercial use, but later allowed such use upon acquisition by the collection's parent company.[\[21\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-21)
History
Early projects
The first known NFT, *Quantum*,[\[22\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-22) was created by [Kevin McCoy](https://en.wikipedia.org/wiki/Kevin_McCoy_\(artist\) "Kevin McCoy (artist)") and [Anil Dash](https://en.wikipedia.org/wiki/Anil_Dash "Anil Dash") in May 2014. It consists of a video clip made by McCoy's wife, Jennifer. McCoy registered the video on the [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") blockchain and sold it to Dash for \$4, during a live presentation for the *Seven on Seven* conferences at the [New Museum](https://en.wikipedia.org/wiki/New_Museum "New Museum") in New York City. McCoy and Dash referred to the technology as "monetized graphics".[\[23\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-dash2-23) This explicitly linked a non-fungible, tradable blockchain marker to a work of art, via on-chain metadata (enabled by Namecoin).[\[24\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-24)
In October 2015, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum's first developer conference, three months after the launch of the [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") blockchain. Most of Etheria's 457 purchasable and tradable hexagonal tiles went unsold for more than five years until March 13, 2021, when renewed interest in NFTs sparked a buying frenzy. Within 24 hours, all tiles of the current version and a prior version, each hardcoded to 1 ETH ([US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")0\.43 at the time of launch) were sold for a total of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1\.4 million.[\[25\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-25)
In 2016, [*Rare Pepes,*](https://en.wikipedia.org/wiki/Rare_Pepe "Rare Pepe") a "semi-fungible" NFT project centered around the [Pepe the Frog meme](https://en.wikipedia.org/wiki/Pepe_the_Frog "Pepe the Frog"), which involved a collective of artists contributing their works into a curated directory, emerged on Bitcoin through a protocol known as [Counterparty](https://en.wikipedia.org/wiki/Counterparty_\(platform\) "Counterparty (platform)"), which had been created in 2014 and used to create other assets.[\[26\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-26)
In 2017, several NFT projects emerged on Ethereum that utilized a "fungible" token standard known as ERC-20. *[Curio Cards](https://en.wikipedia.org/wiki/Curio_Cards "Curio Cards")* in May of that year is credited with being Ethereum's first art NFT project using the fungible standard and features artwork in the shape of a card among a variety of image types, including satirized corporate logos.[\[27\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-27) The [generative art](https://en.wikipedia.org/wiki/Generative_art "Generative art") project of 10,000 pixelated characters known as *CryptoPunks* emerged soon after in June and would later establish itself as one of the most commercially successful NFT projects.[\[28\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-28) In December, a [clipart](https://en.wikipedia.org/wiki/Clipart "Clipart") based collection featuring images of rocks called *[EtherRock](https://en.wikipedia.org/wiki/EtherRock "EtherRock")* emerged.[\[29\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-29)
In November 2017, the widely acclaimed [blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game") on Ethereum known as *[CryptoKitties](https://en.wikipedia.org/wiki/CryptoKitties "CryptoKitties")* launched, and is credited with pioneering what is considered to be the first bona fide non-fungible token standard, known as ERC-721.[\[30\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-30) It used an early version of ERC-721 that differed from the formally published version of the standard in 2018.[\[31\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-31)
*ERC-721: Non-Fungible Token Standard*
While experiments around non-fungibility have existed on blockchains since as early as 2012 with [Colored Coins](https://en.wikipedia.org/wiki/Colored_Coins "Colored Coins") on Bitcoin,[\[32\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-32) a community-driven paper called *ERC-721: Non-Fungible Token Standard* was published in 2018 under the initiative of [civic hacker](https://en.wikipedia.org/wiki/Hacker#Civic_hacker "Hacker") and lead author [William Entriken](https://en.wikipedia.org/wiki/William_Entriken "William Entriken")[\[33\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-33) and is recognized as pioneering the foundation for NFTs and enabling the growth of the wider eco-system.[\[34\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-34) It introduced the formalization and defining of the term *Non-Fungible Token* "NFT" in blockchain nomenclature by establishing a standard for [smart contracts](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") known as "ERC-721" whose tokens would have unique attributes and ownership details, ensuring no two tokens are alike.[\[35\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-35) The creation of derivative standards followed from its influence on Ethereum (like ERC-1155 enabling semi-fungibility) and other blockchains.[\[36\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-36) Its versatility enabled the pioneering of numerous use cases, including digital artwork, deeds to physical items, real estate (including virtual), access passes, and game assets.[\[37\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-37) Ultimately, the emergence of [ERC-721](https://en.wikipedia.org/wiki/ERC-721 "ERC-721") is recognized for having fundamentally changed the landscape of digital verification, authentication, and ownership.[\[38\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-38)
Origins of the term "NFT" and its adoption
The term NFT, prior to the blockchain game *[CryptoKitties'](https://en.wikipedia.org/wiki/CryptoKitties "CryptoKitties")* adoption of ERC-721, is not known to have been used for earlier projects.[\[39\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-:0-39) Through discussion among stakeholders for the ERC-721 draft, the word *deed* was given consideration among other alternatives including *distinguishable asset, title, token, asset, equity, ticket.*[\[40\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-:1-40) Ultimately, through Entriken's initiative under the moniker "Fulldecent," a vote was held during the paper's drafting phase to decide which word would be used in the published version and "NFT" was chosen by the stakeholders.[\[41\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-41)
The term "NFT" and the awareness of the ERC-721 standard received significant exposure and adopted use through the popularity of *CryptoKitties* in 2017.[\[39\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-:0-39) While using the standard, *CryptoKitties* earned the recognition of being the first mainstream NFT dApp;[\[42\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-42) the game's usage was significant enough to have overwhelmed Ethereum's processing power at the time.[\[43\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-43)
Influence
During the height of the breakout success of *CryptoKitties* and the emergence of ERC-721 tokens in 2017, an NFT marketplace called OpenSea emerged to capitalize off of the new non-fungible token standard.[\[44\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-44) It positioned itself early in the NFT market landscape and grew to a \$1.4 billion market cap in 2021 during the then-ongoing NFT boom.[\[45\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-45)
In 2021, *[ArtReview's](https://en.wikipedia.org/wiki/ArtReview "ArtReview") Power 100* ranked ERC-721 at the \#1 spot, praising it as "the most powerful art entity in the world" for creating a new kind of market for artworks that deviated from traditional gatekeeping norms and ushered in a different kind of collector.[\[46\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-46) Artist [Beeple](https://en.wikipedia.org/wiki/Beeple "Beeple") sold an ERC-721 NFT of his composite artwork known as *Everydays: The First 5000 Days* at [Christie's](https://en.wikipedia.org/wiki/Christie%27s "Christie's") for \$69 million and was the first instance of a legacy arthouse dealing in NFTs.[\[47\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-47)
General NFT market
The NFT market experienced rapid growth during 2020, with its value tripling to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")250 million.[\[48\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Duffy-2021-48) In the first three months of 2021, more than [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")200 million were spent on NFTs.[\[49\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Time-2021-49)
In the early months of 2021, interest in NFTs increased after a number of high-profile sales and art auctions.[\[50\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Howcroft-2021-50)
In May 2022, *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")* reported that the NFT market was "collapsing". Daily sales of NFT tokens had declined 92% from September 2021, and the number of active wallets in the NFT market fell 88% from November 2021. While rising interest rates had impacted risky bets across the financial markets, the *Journal* said "NFTs are among the most speculative."[\[51\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-flatlining-51)
In December 2022, a programmer named Casey Rodarmor introduced a new way to add NFTs to the Bitcoin blockchain called "ordinals". By February 2023, the popularity of ordinals had led to an increase in bitcoin's payment fees and may have also partially contributed to an increase in bitcoin's price.[\[52\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-52)
A September 2023 report from cryptocurrency gambling website dappGambl claimed 95% of NFTs had fallen to zero monetary value and 79% of all NFT collections have remained unsold.[\[4\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Yang2023-4)[\[5\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Vigliarolo2023-5)
Uses
Commonly associated files
NFTs have been used to exchange digital tokens that link to a digital file asset. Ownership of an NFT is often associated with a license to use such a linked digital asset but generally does not confer the copyright to the buyer. Some agreements only grant a license for personal, non-commercial use, while other licenses also allow commercial use of the underlying digital asset.[\[53\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-53) This kind of decentralized intellectual copyright poses an alternative to established forms of safeguarding copyright controlled by state institutions and middlemen within the respective industry.[\[54\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-54)
Digital art
[Digital art](https://en.wikipedia.org/wiki/Digital_art "Digital art") is a common use case for NFTs.[\[55\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-55) High-profile auctions of NFTs linked to digital art have received considerable public attention; the first such major house auction took place at Christie's in 2021.[\[56\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-56) The work entitled *Merge* by artist [Pak](https://en.wikipedia.org/wiki/Pak_\(creator\) "Pak (creator)") was the most expensive NFT, with an auction price of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")91\.8 million[\[57\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-57) and *[Everydays: the First 5000 Days](https://en.wikipedia.org/wiki/Everydays:_the_First_5000_Days "Everydays: the First 5000 Days")*, by artist [Mike Winkelmann](https://en.wikipedia.org/wiki/Mike_Winkelmann "Mike Winkelmann") (known professionally as Beeple) the second most expensive at [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")69\.3 million in 2021.[\[10\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Kastrenakes-10)[\[58\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-58)
[](https://en.wikipedia.org/wiki/File:VeKings.png)
Some digital art NFTs, like these [pixel art](https://en.wikipedia.org/wiki/Pixel_art "Pixel art") characters, are examples of [generative art](https://en.wikipedia.org/wiki/Generative_art "Generative art").
Some NFT collections, including Bored Apes, EtherRocks, and CryptoPunks, are examples of [generative art](https://en.wikipedia.org/wiki/Generative_art "Generative art"), where many different images are created by assembling a selection of simple picture components in different combinations.[\[59\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-59)
In March 2021, the blockchain company Injective Protocol bought a \$95,000 original screen print entitled *Morons (White)* from English graffiti artist [Banksy](https://en.wikipedia.org/wiki/Banksy "Banksy") and filmed somebody burning it with a [cigarette lighter](https://en.wikipedia.org/wiki/Lighter "Lighter"). They uploaded (known as "minting" in the NFT scene) and sold the video as an NFT.[\[60\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-60)[\[61\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Banksy_NFT-61) The person who destroyed the artwork, who called themselves "Burnt Banksy", described the act as a way to transfer a physical work of art to the NFT space.[\[61\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Banksy_NFT-61)
American curator and art historian [Tina Rivers Ryan](https://en.wikipedia.org/wiki/Tina_Rivers_Ryan "Tina Rivers Ryan"), who specializes in digital works, said that art museums are widely not convinced that NFTs have "lasting cultural relevance."[\[62\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-62) Ryan compares NFTs to the [net art](https://en.wikipedia.org/wiki/Net_art "Net art") fad before the [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble").[\[63\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-63)[\[64\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-64) In July 2022, after the controversial sale of [Michelangelo](https://en.wikipedia.org/wiki/Michelangelo "Michelangelo")'s *[Doni Tondo](https://en.wikipedia.org/wiki/Doni_Tondo "Doni Tondo")* in Italy, the sale of NFT reproductions of famous artworks was prohibited in Italy. Given the complexity and lack of regulation of the matter, the [Ministry of Culture](https://en.wikipedia.org/wiki/Ministry_of_Culture_\(Italy\) "Ministry of Culture (Italy)") of Italy temporarily requested that its institutions refrain from signing contracts involving NFTs.[\[65\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-65)
No centralized means of authentication exists to prevent stolen and counterfeit digital works from being sold as NFTs, although auction houses like [Sotheby's](https://en.wikipedia.org/wiki/Sotheby%27s "Sotheby's"), [Christie's](https://en.wikipedia.org/wiki/Christie%27s "Christie's"), and various museums and galleries worldwide started collaborations and partnerships with digital artists such as [Refik Anadol](https://en.wikipedia.org/wiki/Refik_Anadol "Refik Anadol"), [Dangiuz](https://en.wikipedia.org/wiki/Dangiuz "Dangiuz") and [Sarah Zucker](https://en.wikipedia.org/wiki/Sarah_Zucker "Sarah Zucker").
NFTs associated with digital artworks could be sold and bought via NFT platforms. [OpenSea](https://en.wikipedia.org/wiki/OpenSea "OpenSea"), launched in 2017, was one of the first marketplaces to host various types of NFTs.[\[66\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Rodeck-2022-66)[\[67\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-67) In July 2019, the [National Basketball Association](https://en.wikipedia.org/wiki/National_Basketball_Association "National Basketball Association"), the NBA Players Association and Dapper Labs, the creator of [CryptoKitties](https://en.wikipedia.org/wiki/CryptoKitties "CryptoKitties"), started a joint venture NBA Top Shot for basketball fans that let users buy NFTs of historic moments in basketball.[\[68\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-68)[\[69\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-69) In 2020, Rarible was found, allowing multiple assets. In 2021, Rarible and [Adobe](https://en.wikipedia.org/wiki/Adobe_Inc. "Adobe Inc.") formed a partnership to simplify the verification and security of metadata for digital content, including NFTs.[\[66\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Rodeck-2022-66) In 2021, a cryptocurrency exchange [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), launched its NFT marketplace.[\[70\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-70) In 2022, eToro Art by [eToro](https://en.wikipedia.org/wiki/EToro "EToro") was founded, focusing on supporting NFT collections and emerging creators.[\[66\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Rodeck-2022-66)[\[71\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-71)
[Sotheby's](https://en.wikipedia.org/wiki/Sotheby%27s "Sotheby's") and [Christie's](https://en.wikipedia.org/wiki/Christie%27s "Christie's") auction houses showcase artworks associated with the respective NFTs both in virtual galleries and physical screens, monitors, and TVs.[\[72\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-72)[\[73\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-73)[\[74\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TechCrunch-2022-74)
Mars House, an architectural NFT created in May 2020 by artist [Krista Kim](https://en.wikipedia.org/wiki/Krista_Kim "Krista Kim"), sold in 2021 for 288 Ether (ETH) — at that time equivalent to US\$524,558.[\[75\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-75)
Games
NFTs can represent [in-game assets](https://en.wikipedia.org/wiki/Game_asset "Game asset"). Some commentators describe these as being controlled "by the user" instead of the [game developer](https://en.wikipedia.org/wiki/Video_game_developer "Video game developer")[\[76\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-76) if they can be traded on third-party marketplaces without permission from the game developer. Their reception from game developers, though, has been generally mixed, with some like [Ubisoft](https://en.wikipedia.org/wiki/Ubisoft "Ubisoft") embracing the technology but [Valve](https://en.wikipedia.org/wiki/Valve_Corporation "Valve Corporation") and [Microsoft](https://en.wikipedia.org/wiki/Microsoft "Microsoft") formally prohibiting them.[\[77\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-77)
- CryptoKitties was an early successful blockchain online game in which players adopt and trade virtual cats. The monetization of NFTs within the game raised a \$12.5 million investment, with some kitties selling for over \$100,000 each.[\[78\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-BBC_News-2017-78)[\[79\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-79)[\[80\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-80)[\[81\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-81) Following its success, CryptoKitties was added to the ERC-721 standard, which was created in January 2018 (and finalized in June).[\[82\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-82)[\[83\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Entriken-2018-83)
- In October 2021, [Valve Corporation](https://en.wikipedia.org/wiki/Valve_Corporation "Valve Corporation") banned applications from their [Steam](https://en.wikipedia.org/wiki/Steam_\(service\) "Steam (service)") platform if those applications use [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") technology or NFTs to exchange value or game artifacts.[\[84\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-84)
- In December 2021, [Ubisoft](https://en.wikipedia.org/wiki/Ubisoft "Ubisoft") announced Ubisoft Quartz, "an NFT initiative which allows people to buy artificially scarce digital items using cryptocurrency". The announcement was heavily criticized by audiences, with the Quartz announcement video attaining a dislike ratio of 96% on YouTube. Ubisoft subsequently unlisted the video from YouTube.[\[85\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-85)[\[86\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-86) The announcement was also criticized internally by Ubisoft developers.[\[87\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-87)[\[88\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-88)[\[89\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-89) The [Game Developers Conference](https://en.wikipedia.org/wiki/Game_Developers_Conference "Game Developers Conference")'s 2022 annual report stated that 70 percent of developers surveyed said their studios had no interest in integrating NFTs or cryptocurrency into their games.[\[90\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-90)[\[91\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-91)
- Some luxury brands minted NFTs for online video game cosmetics.[\[92\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-92) In November 2021, investment firm [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") published a note claiming that this could become a US\$56 billion market by 2030.[\[93\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-93)
- In July 2022, Mojang Studios announced that NFTs would not be permitted in *[Minecraft](https://en.wikipedia.org/wiki/Minecraft "Minecraft")*, saying that they went against the game's "values of creative inclusion and playing together".[\[94\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-94)
[Music](https://en.wikipedia.org/wiki/NFT_music "NFT music") and film
NFTs have been proposed for use within the film-industry as a way to tokenize movie-scenes and sell them as collectibles in the form of NFTs.[\[95\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-95) Artists involved in the entertainment-industry can seek royalties through NFTs.[\[96\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-96) So far, NFTs have often been used in both the music- as well as the film-industry.
- In May 2018, [20th Century Fox](https://en.wikipedia.org/wiki/20th_Century_Fox "20th Century Fox") partnered with Atom Tickets and released limited-edition *[Deadpool 2](https://en.wikipedia.org/wiki/Deadpool_2 "Deadpool 2")* digital posters to promote the film. They were available from OpenSea and the GFT exchange.[\[97\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-97)
- In March 2021, [Adam Benzine](https://en.wikipedia.org/wiki/Adam_Benzine "Adam Benzine")'s 2015 documentary *[Claude Lanzmann: Spectres of the Shoah](https://en.wikipedia.org/wiki/Claude_Lanzmann:_Spectres_of_the_Shoah "Claude Lanzmann: Spectres of the Shoah")* became the first motion picture and documentary film to be auctioned as an NFT.[\[98\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-98)
- Other examples of NFTs being used in the film-industry include a collection of NFT-artworks for *[Godzilla vs. Kong](https://en.wikipedia.org/wiki/Godzilla_vs._Kong "Godzilla vs. Kong")*,[\[99\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-99) the release of both [Kevin Smith](https://en.wikipedia.org/wiki/Kevin_Smith "Kevin Smith")'s horror-movie *KillRoy Was Here*, and the 2021 film *[Zero Contact](https://en.wikipedia.org/wiki/Zero_Contact "Zero Contact")* as NFTs in 2021.[\[100\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-100)
- In September 2021, [Shakira](https://en.wikipedia.org/wiki/Shakira "Shakira") released an NFT collection named *[La Caldera](https://en.wikipedia.org/wiki/La_Caldera_\(NFT_collection\) "La Caldera (NFT collection)")*, which features four pieces each with animated digital art and an audio piece produced by Shakira.[\[101\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-101)[\[102\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-102)[\[103\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-103)[\[104\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-104)
- In November 2021, film director [Quentin Tarantino](https://en.wikipedia.org/wiki/Quentin_Tarantino "Quentin Tarantino") released seven NFTs based on uncut scenes of *[Pulp Fiction](https://en.wikipedia.org/wiki/Pulp_Fiction "Pulp Fiction")*. [Miramax](https://en.wikipedia.org/wiki/Miramax "Miramax") subsequently filed a lawsuit claiming that their film rights were violated and that the original 1993 contract with Tarantino gave them the right to mint NFTs in relation to *Pulp Fiction*.[\[105\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-105)
- In August 2022, [Muse](https://en.wikipedia.org/wiki/Muse_\(band\) "Muse (band)") released album *[Will of the People](https://en.wikipedia.org/wiki/Will_of_the_People_\(album\) "Will of the People (album)")* as 1,000 NFTs; it became the first album for which NFT sales would qualify for the UK and Australian charts.[\[106\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-106)[\[107\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-107)
By February 2021, NFTs accounted for [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")25 million of revenue generated through the sale of artwork and songs as NFTs.[\[108\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-108) On February 28, 2021, electronic dance musician [3lau](https://en.wikipedia.org/wiki/3lau "3lau") sold a collection of 33 NFTs for a total of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")11\.7 million to commemorate the three-year anniversary of his *Ultraviolet* album.[\[109\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Brown-2021-109)[\[110\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-110) On March 3, 2021, an NFT was made to promote the [Kings of Leon](https://en.wikipedia.org/wiki/Kings_of_Leon "Kings of Leon") album *[When You See Yourself](https://en.wikipedia.org/wiki/When_You_See_Yourself "When You See Yourself").*[\[111\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-111)[\[112\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-112)[\[113\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-113) Other musicians who have used NFTs include American rapper [Lil Pump](https://en.wikipedia.org/wiki/Lil_Pump "Lil Pump"),[\[114\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Cheddar_2021-03-232-114)[\[115\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Vulture_2021-03-182-115)[\[116\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-XXL_Mag_2021-03-23-2-116) [Grimes](https://en.wikipedia.org/wiki/Grimes "Grimes"),[\[117\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-117) visual artist [Shepard Fairey](https://en.wikipedia.org/wiki/Shepard_Fairey "Shepard Fairey") in collaboration with record producer [Mike Dean](https://en.wikipedia.org/wiki/Mike_Dean_\(record_producer\) "Mike Dean (record producer)"),[\[118\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-118) and rapper [Eminem](https://en.wikipedia.org/wiki/Eminem "Eminem").[\[119\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-119)
A paper presented at the *40th International Conference on Information Systems* in [Munich](https://en.wikipedia.org/wiki/Munich "Munich") in 2019 suggested using NFTs as tickets for different types of events.[\[120\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-120) This would enable organizers of the respective events or artists performing there to receive royalties on the resale of each ticket.[\[121\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-121)
Other associated files
- A number of [internet memes](https://en.wikipedia.org/wiki/Internet_meme "Internet meme") have been associated with NFTs, which were minted and sold by their creators or by their subjects.[\[122\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-122) Examples include [Doge](https://en.wikipedia.org/wiki/Doge_\(meme\) "Doge (meme)"), an image of a [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu "Shiba Inu") dog,[\[123\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-123) as well as [Charlie Bit My Finger](https://en.wikipedia.org/wiki/Charlie_Bit_My_Finger "Charlie Bit My Finger"),[\[124\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-124) [Nyan Cat](https://en.wikipedia.org/wiki/Nyan_Cat "Nyan Cat"),[\[125\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-125)[\[126\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-126) and [Disaster Girl](https://en.wikipedia.org/wiki/Disaster_Girl "Disaster Girl").[\[127\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-127)
- Some virtual worlds, often [marketed](https://en.wikipedia.org/wiki/Buzzword "Buzzword") as [metaverses](https://en.wikipedia.org/wiki/Metaverse "Metaverse"), have incorporated NFTs as a means of trading virtual items and virtual real estate.[\[128\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-128)
- Some [pornographic](https://en.wikipedia.org/wiki/Pornographic "Pornographic") works have been sold as NFTs, though hostility from NFT marketplaces towards pornographic material has presented significant drawbacks for creators.[\[129\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-129)[\[130\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-130) By using NFTs people engaged in this area of the entertainment-industry are able to publish their works without third-party platforms being able to delete them.[\[131\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-131)
- The first credited political protest NFT ("Destruction of Nazi Monument Symbolizing Contemporary Lithuania") was a video filmed by Professor Stanislovas Tomas on April 8, 2019, and minted on March 29, 2021. In the video, Tomas uses a sledgehammer to destroy a state-sponsored Lithuanian plaque located on the [Lithuanian Academy of Sciences](https://en.wikipedia.org/wiki/Lithuanian_Academy_of_Sciences "Lithuanian Academy of Sciences") honoring Nazi war criminal [Jonas Noreika](https://en.wikipedia.org/wiki/Jonas_Noreika "Jonas Noreika").[\[132\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-132)
- In 2020, CryptoKitties developer Dapper Labs released the NBA TopShot project, which allowed the purchase of NFTs linked to basketball highlights.[\[133\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-133) The project was built on top of the Flow blockchain.[\[134\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Engadget_2021-03-11_Ref1-134)
- In March 2021 an NFT of [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") founder [Jack Dorsey](https://en.wikipedia.org/wiki/Jack_Dorsey "Jack Dorsey")'s first-ever tweet sold for \$2.9 million. The same NFT was listed for sale in 2022 at \$48 million, but only achieved a top bid of \$280.[\[135\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-135)
- On December 15, 2022, [Donald Trump](https://en.wikipedia.org/wiki/Donald_Trump "Donald Trump"), former [president of the United States](https://en.wikipedia.org/wiki/President_of_the_United_States "President of the United States"), announced a line of NFTs featuring images of himself for \$99 each.[\[136\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-136) It was reported that he made between \$100,001 and \$1 million from the scheme.[\[137\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-137)
- In April 2023, a group visited the [British Museum](https://en.wikipedia.org/wiki/British_Museum "British Museum") to take extensive 3D photographs of the [Rosetta Stone](https://en.wikipedia.org/wiki/Rosetta_Stone "Rosetta Stone") so it could be recreated as an NFT.[\[138\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-138)
Use cases of NFTs in science and medicine
NFTs have been proposed for purposes related to scientific and medical purposes.[\[139\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature-139) Suggestions include turning patient data into NFTs,[\[140\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-140) tracking supply chains[\[141\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-141) and minting patents as NFTs.[\[142\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-142)
The monetary aspect of the sale of NFTs has been used by academic institutions to finance research projects.
[](https://en.wikipedia.org/wiki/File:George_Church.jpg)
George M. Church sold NFTs of an "artistic representation" of his genome and likeness in 2022.
- The [University of California, Berkeley](https://en.wikipedia.org/wiki/University_of_California,_Berkeley "University of California, Berkeley") announced in May 2021 its intention to auction NFTs of two patents of inventions for which the creators had received a [Nobel Prize](https://en.wikipedia.org/wiki/Nobel_Prize "Nobel Prize"): the patents for [CRISPR gene editing](https://en.wikipedia.org/wiki/CRISPR_gene_editing "CRISPR gene editing") and [cancer immunotherapy](https://en.wikipedia.org/wiki/Cancer_immunotherapy "Cancer immunotherapy"). The university would, however, retain ownership of the patents.[\[143\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-143)[\[144\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-144) 85% of funds gathered through the sale of the collection were to be used to finance research.[\[145\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-145)[\[146\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-146) The collection included handwritten notices and faxes by [James Allison](https://en.wikipedia.org/wiki/James_P._Allison "James P. Allison") and was named *The Fourth Pillar*. It sold in June 2022 for 22 Ether, about [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")54,000 at the time.[\[147\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature482-147)
- [George Church](https://en.wikipedia.org/wiki/George_Church_\(geneticist\) "George Church (geneticist)"), a US geneticist, announced his intention to sell his [DNA](https://en.wikipedia.org/wiki/DNA "DNA") via NFTs and use the profits to finance research conducted by [Nebula Genomics](https://en.wikipedia.org/wiki/Nebula_Genomics "Nebula Genomics"). In June 2022, 20 NFTs with his likeness were published instead of the originally planned NFTs of his DNA due to the market conditions at the time.[\[139\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature-139) Despite mixed reactions, the project is considered to be part of an effort to use the genetic data of 15,000 individuals to support genetic research. By using NFTs the project wants to ensure that the users submitting their genetic data are able to receive direct payment for their contributions.[\[139\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature-139)[\[148\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-148) Several other companies have been involved in similar and often criticized efforts to use blockchain-based genetic data in order to guarantee users more control over their data and enable them to receive direct financial compensation whenever their data is being sold.[\[147\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-jonesnature482-147)
- Molecule Protocol, a project based in Switzerland, is trying to use NFTs to digitize the intellectual copyright of individual scientists and research teams to finance research.[\[149\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-BusinessinsiderMolecule-149) The project's whitepaper explains the aim is to represent the copyright of scientific papers as NFTs and enable their trade between researchers and investors on a future marketplace.[\[150\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-150) The project was able to raise [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")12 million in seed money in July 2022.[\[149\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-BusinessinsiderMolecule-149) A similar approach has been announced by RMDS Lab.[\[151\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-151)
Speculation
NFTs representing digital collectables and artworks are a [speculative asset](https://en.wikipedia.org/wiki/Speculation "Speculation").[\[152\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-152) The NFT buying surge was called an [economic bubble](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") by experts, who also compared it to the [Dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble").[\[153\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Reyburn-2021-153)[\[154\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Small-2021-154) In March 2021 [Mike Winkelmann](https://en.wikipedia.org/wiki/Mike_Winkelmann "Mike Winkelmann") called NFTs an "irrational exuberance bubble".[\[155\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Cuthbertson-2021-155) By mid-April 2021, demand subsided, causing prices to fall significantly.[\[156\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Tarmy-2021-156) Financial theorist [William J. Bernstein](https://en.wikipedia.org/wiki/William_J._Bernstein "William J. Bernstein") compared the NFT market to 17th-century [tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania"), saying any [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") requires a technological advance for people to "get excited about", with part of that enthusiasm coming from the extreme predictions being made about the product.[\[157\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-157) For regulatory policymakers, NFTs have exacerbated challenges such as speculation, fraud, and high volatility.[\[158\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-158)
Money laundering
NFTs, as with other blockchain securities and with traditional art sales, can potentially be used for [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering").[\[159\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-rusi-159) NFTs can be used for [wash trading](https://en.wikipedia.org/wiki/Wash_trading "Wash trading") by creating several [wallets](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.[\[160\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-160) According to a report by [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis") these types of wash trades are becoming popular among money launderers because of the largely anonymous nature of transactions on NFT marketplaces.[\[161\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-161)[\[162\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-162)[\[163\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-wisogeldw%C3%A4sche-163) *Looksrare*, created in early 2022, came to be known for the large sums generated through the sale of NFTs in its earliest days, amounting to [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")400,000,000 a day. These large sums were generated in large part through wash trading.[\[163\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-wisogeldw%C3%A4sche-163) The [Royal United Services Institute](https://en.wikipedia.org/wiki/Royal_United_Services_Institute "Royal United Services Institute") said that any risks in relation to money laundering through NFTs could be mitigated through the use of "[KYC](https://en.wikipedia.org/wiki/Know_your_customer "Know your customer") best practices, strong cyber security measures and a stolen art registry (...) without restricting the growth of this new market".[\[159\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-rusi-159)
Auction platforms for NFTs may face regulatory pressure to comply with anti-money laundering legislation. Gou Wenjun, the director of a monitoring centre for the [People's Bank of China](https://en.wikipedia.org/wiki/People%27s_Bank_of_China "People's Bank of China"), said that NFTs could "easily become money-laundering tools". He pointed to unlawful exploitation of cryptographic technologies and said that illicit actors often presented themselves as innovators in financial technology.[\[164\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-164)
A 2022 study from the [United States Treasury](https://en.wikipedia.org/wiki/United_States_Treasury "United States Treasury") assessed that there was "some evidence of money laundering risk in the high-value art market", including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)".[\[165\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-165) The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding the transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") regulations.[\[166\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-166) In March 2022, two people were charged for the execution of a million-dollar NFT scheme through [wire fraud](https://en.wikipedia.org/wiki/Mail_and_wire_fraud "Mail and wire fraud").[\[167\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-167)
The [European Commission](https://en.wikipedia.org/wiki/European_Commission "European Commission") announced in July 2022 that it was planning to draw up regulations to combat money laundering by 2024.[\[168\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-168)[\[169\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-169)
Other uses
- In 2019, [Nike](https://en.wikipedia.org/wiki/Nike,_Inc. "Nike, Inc.") patented a system called CryptoKicks that would use NFTs to verify the authenticity of its physical products and would give a virtual version of the shoe to the customer.[\[170\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-170)
- Certain NFT releases have also added exclusivity to the NFT utility, including access to private online clubs.[\[171\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-171)[\[172\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-172)
- Different academic work and practical applications suggest to use NFTs to license software and to transfer source code copyright ownership via NFTs.[\[173\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-173)[\[174\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-174)
Standards in blockchains
Several blockchains have added support for NFTs since Ethereum created its ERC-721 standard.[\[175\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Entriken-2021-175)[\[176\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-176)
ERC-721 is an "inheritable" [smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") standard, which means that developers can create contracts by copying from a reference implementation. ERC-721 provides core methods that allow tracking the owner of a unique identifier, as well as a way for the owner to transfer the asset to others.[\[175\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Entriken-2021-175) Another standard, ERC-1155, offers "semi-fungibility" whereby a token represents a class of interchangeable assets.[\[177\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Radomski-2021-177)
Issues and criticisms
Unenforceability of content ownership
[](https://en.wikipedia.org/wiki/File:Right-clicked_NFT.png)
As an image on the web, the digital art linked to a non-fungible token may be saved like any other picture file.
Because the contents of NFTs are publicly accessible, anybody can easily copy a file referenced by an NFT. Furthermore, the ownership of an NFT on the blockchain does not inherently convey legally enforceable intellectual property rights to the file.
It has become well known that an NFT image can be copied or saved from a web browser by using a [right click menu](https://en.wikipedia.org/wiki/Context_menu "Context menu") to download the referenced image. NFT supporters disparage this duplication of NFT artwork as a "right-clicker mentality". One collector quoted by *[Vice](https://en.wikipedia.org/wiki/Vice_\(magazine\) "Vice (magazine)")* compared the value of a purchased NFT (in contrast to an unpurchased copy of the underlying asset) to that of a [status symbol](https://en.wikipedia.org/wiki/Status_symbol "Status symbol") "to show off that they can afford to pay that much".[\[12\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-vice_right-clicker-12)
The "right-clicker mentality" phrase spread virally after its introduction, particularly among those who were critical of the NFT marketplace and who appropriated the term to flaunt their ability to capture digital art backed by NFT with ease.[\[12\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-vice_right-clicker-12) This criticism was promoted by Australian programmer Geoffrey Huntley who created "The NFT Bay", modeled after [The Pirate Bay](https://en.wikipedia.org/wiki/The_Pirate_Bay "The Pirate Bay"). The NFT Bay advertised a [torrent file](https://en.wikipedia.org/wiki/Torrent_file "Torrent file") purported to contain 19 [terabytes](https://en.wikipedia.org/wiki/Terabyte "Terabyte") of digital art NFT images. Huntley compared his work to an art project from [Pauline Pantsdown](https://en.wikipedia.org/wiki/Pauline_Pantsdown "Pauline Pantsdown") and hoped the site would help educate users on what NFTs are and are not.[\[178\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-178)
The ease of copying NFT content highlights broader legal challenges related to "tokenization," the process by which NFTs purport to represent ownership of underlying assets. Prior to recent legal reforms, such as the 2022 amendments to the [Uniform Commercial Code](https://en.wikipedia.org/wiki/Uniform_Commercial_Code "Uniform Commercial Code") (UCC) in the United States, tokenization faced significant hurdles under traditional property law. Legal scholars have noted that NFTs did not inherently embody ownership rights enforceable against third parties, as the blockchain record alone does not align with established legal frameworks for property.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179) For example, if an NFT claims to represent ownership of digital art, but the art is transferred separately to another party, the NFT holder may lack a legal basis to reclaim it, leaving them with only a contractual claim against the issuer rather than a property right in the asset itself.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179)
This issue stems from the *numerus clausus* principle, a cornerstone of property law that limits the types of property rights to a finite, standardized list recognized by law. Historically, tokenization mechanisms—like negotiable instruments or bills of lading—required specific legal recognition to function as enforceable representations of rights in underlying assets. Without such recognition, NFTs struggled to fit within these constraints, as parties could not create new property rights at will.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179) In the U.S., the UCC's Article 12, introduced in 2022, addresses this by classifying NFTs as "controllable electronic records" (CERs), a new category of personal property that can be owned, transferred, and used as collateral with legal clarity. This reform enables tokenization under specific conditions, such as when an NFT represents a "controllable account" (e.g., a payment right), provided the underlying debtor agrees to honor the controller of the CER.[\[180\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-DickOdinetTosato-180) However, for digital art or other assets without such agreements, the disconnect between NFT ownership and enforceable content rights persists, reinforcing the "right-clicker" critique that blockchain ownership does not guarantee control over the underlying file.[\[179\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TosatoOdinet-179)[\[180\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-DickOdinetTosato-180)
Storage off-chain
NFTs that represent digital art generally do not store the associated artwork file on the blockchain due to the large size of such a file and the limited processing speed of blockchains. Such a token functions like a certificate of ownership, with a [web address](https://en.wikipedia.org/wiki/Web_address "Web address") that points to the piece of art in question; this however makes the art itself vulnerable to [link rot](https://en.wikipedia.org/wiki/Link_rot "Link rot").[\[23\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-dash2-23)
Environmental concerns
NFT purchases and sales have been enabled by the high energy usage, and consequent [greenhouse gas emissions](https://en.wikipedia.org/wiki/Greenhouse_gas_emissions "Greenhouse gas emissions"), associated with some kinds of blockchain transactions.[\[181\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Calma-181) Though all forms of Ethereum transactions have had an impact on the environment, the direct impact of these transaction has also depended on the size of the transaction.[\[182\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-182) The [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") protocol required to regulate and verify blockchain transactions on networks (including Ethereum until 2022) consumes a large amount of electricity.[\[183\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-183)[\[184\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-184) To estimate the carbon footprint of a given NFT transaction requires a variety of assumptions or estimations about the manner in which that transaction is set up on the blockchain, the economic behavior of blockchain miners (and the energy demands of their mining equipment),[\[185\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-185) and the amount of renewable energy being used on these networks.[\[186\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-186) There are also conceptual questions, such as whether the carbon footprint estimate for an NFT purchase should incorporate some portion of the ongoing energy demand of the underlying network, or just the marginal impact of that particular purchase.[\[187\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-De-Mattei-187) An analogy might be the carbon footprint associated with an additional passenger on a given airline flight.[\[181\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Calma-181)
In 2022, Ethereum cut its energy usage by 99.99 percent by switching to [proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake").[\[188\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-188)[\[189\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-189) Other approaches to reducing electricity include the use of off-chain transactions as part of minting an NFT.[\[181\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Calma-181) Some NFT markets have offered the option of buying carbon offsets when making NFT purchases, although the environmental benefits of this have been questioned.[\[190\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-190) In some instances, NFT artists have decided against selling some of their own work to limit carbon emission contributions.[\[191\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Howson-2021-191)
Artist and buyer fees
Sales platforms charge artists and buyers fees for minting, listing, claiming, and secondary sales. Analysis of NFT markets in March 2021, in the immediate aftermath of Beeple's "Everydays: the First 5000 Days" selling for [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")69\.3 million, found that most NFT artworks were selling for less than [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")200, with a third selling for less than [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")100\.[\[192\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-artnet-192) Those selling NFTs below \$100 were paying platform fees between 72.5% and 157.5% of that amount. On average the fees make up 100.5% of the price, meaning that such artists were on average paying more money in fees than they were making in sales.[\[192\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-artnet-192)
Plagiarism and fraud
There have been cases of artists and creators having their work sold by others as an NFT without permission.[\[193\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Williams-2021-193) After the artist Qing Han died in 2020, her identity was assumed by a fraudster and a number of her works became available for purchase as NFTs.[\[194\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-194) Similarly, a seller posing as Banksy succeeded in selling an NFT supposedly made by the artist for \$336,000 in 2021; the seller refunded the money after the case drew media attention.[\[195\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-195)
Voiceverse NFT plagiarism scandal
In January 2022, the first instance of [speech synthesis](https://en.wikipedia.org/wiki/Speech_synthesis "Speech synthesis") NFT plagiarism and fraud occurred when an NFT company called [Voiceverse](https://en.wikipedia.org/wiki/Voiceverse "Voiceverse") was discovered to have stolen content from [15\.ai](https://en.wikipedia.org/wiki/15.ai "15.ai"), a non-commercial [text-to-speech](https://en.wikipedia.org/wiki/Text-to-speech "Text-to-speech") project. Log files revealed that Voiceverse had generated voice lines of [Twilight Sparkle](https://en.wikipedia.org/wiki/Twilight_Sparkle "Twilight Sparkle") and [Rainbow Dash](https://en.wikipedia.org/wiki/Rainbow_Dash "Rainbow Dash") using 15.ai, pitched them up to sound unrecognizable, promoted them as the byproduct of their own technology, and sold them as NFTs without permission. When confronted, Voiceverse stated that someone on their marketing team had used the voice without proper attribution.[\[196\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Innes-2022-196)[\[197\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-197)[\[198\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-198)[\[199\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-199) The [developer of 15.ai](https://en.wikipedia.org/wiki/15_\(programmer\) "15 (programmer)"), who had previously stated their opposition to NFTs a month prior to the incident,[\[196\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Innes-2022-196) responded with a [tweet](https://en.wikipedia.org/wiki/Tweet_\(social_media\) "Tweet (social media)") saying "Go fuck yourself," which went [viral](https://en.wikipedia.org/wiki/Viral_phenomenon "Viral phenomenon") and gained widespread support.[\[200\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-200)
The anonymity associated with NFTs and the ease with which they can be forged make it difficult to pursue legal action against NFT plagiarists.[\[201\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-huge_mess-201)
In February 2023, artist Mason Rothschild was ordered to pay \$133,000 in damages to [Hermès](https://en.wikipedia.org/wiki/Herm%C3%A8s "Hermès") by a New York court, after a jury sided with the copyright holder, for his 2021 digital depictions of the brand's [Birkin handbag](https://en.wikipedia.org/wiki/Birkin_bag "Birkin bag").[\[202\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-202)
Some NFT marketplaces responded to cases of plagiarism by creating "takedown teams" to respond to artist complaints. The NFT marketplace OpenSea has rules against plagiarism and [deepfakes](https://en.wikipedia.org/wiki/Deepfake "Deepfake") (non-consensual intimate imagery). Some artists criticized OpenSea's efforts, saying they are slow to respond to takedown requests and that artists are subject to support scams from users who claim to be representatives of the platform.[\[74\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TechCrunch-2022-74) Others argue that there is no market incentive for NFT marketplaces to crack down on plagiarism.[\[201\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-huge_mess-201)
- A process known as "sleepminting" allows a fraudster to mint an NFT in an artist's wallet and transfer it back to their own account without the artist becoming aware.[\[203\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-news.artnet.com-203) This allowed a [white hat](https://en.wikipedia.org/wiki/White_hat_\(computer_security\) "White hat (computer security)") hacker to mint a fraudulent NFT that had seemingly originated from the wallet of the artist [Beeple](https://en.wikipedia.org/wiki/Beeple "Beeple").[\[203\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-news.artnet.com-203)
- Plagiarism concerns led the art website [DeviantArt](https://en.wikipedia.org/wiki/DeviantArt "DeviantArt") to create an algorithm that compares user art posted on the DeviantArt website against art on popular NFT marketplaces. If the algorithm identifies art that is similar, it notifies and instructs the author how they can contact NFT marketplaces to request that they take down their plagiarized work.[\[74\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-TechCrunch-2022-74)
- The BBC reported a case of insider trading when an employee of the NFT marketplace OpenSea bought specific NFTs before they were launched, with prior knowledge those NFTs would be promoted on the company's home page. NFT trading is an unregulated market in which there is no legal recourse for such abuses.[\[204\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-204)
- When [Adobe](https://en.wikipedia.org/wiki/Adobe_Inc. "Adobe Inc.") announced they were adding NFT support to their graphics editor [Photoshop](https://en.wikipedia.org/wiki/Photoshop "Photoshop"), the company proposed creating an [InterPlanetary File System](https://en.wikipedia.org/wiki/InterPlanetary_File_System "InterPlanetary File System") database as an alternative means of establishing authenticity for digital works.[\[205\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-205)
- The price paid for specific NFTs and the sales volume of a particular NFT author may be artificially inflated by [wash trading](https://en.wikipedia.org/wiki/Wash_trading "Wash trading"), which is prevalent due to a lack of government regulation on NFTs.[\[206\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-Moguldom_2021-206)[\[207\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-207)
Security
In January 2022, it was reported that some NFTs were being exploited by sellers to unknowingly gather users' [IP addresses](https://en.wikipedia.org/wiki/IP_address "IP address"). The "exploit" works via the off-chain nature of NFT, as the user's computer automatically follows a web address in the NFT to display the content. The server at the address can then log the IP address and, in some cases, dynamically alter the returned content to show the result. OpenSea has a particular vulnerability to this loophole because it allows HTML files to be linked.[\[208\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-208)
Pyramid/Ponzi scheme claims
Critics compare the structure of the NFT market to a [pyramid](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme") or Ponzi scheme, in which early adopters profit at the expense of those buying in later.[\[209\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-209) In June 2022, [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates") stated his belief that NFTs are "100% based on [greater fool theory](https://en.wikipedia.org/wiki/Greater_fool_theory "Greater fool theory")".[\[210\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-210)
"Rug pull" exit scams
A "rug pull" is a scam, similar to an [exit scam](https://en.wikipedia.org/wiki/Exit_scam "Exit scam") or a [pump and dump](https://en.wikipedia.org/wiki/Pump_and_dump "Pump and dump") scheme, in which the developers of an NFT or other blockchain project hype the value of a project to pump up the price of the NFT and then suddenly sell all their tokens to lock in massive profits or otherwise abandon the project while removing liquidity, permanently destroying the value of the project and leaving investors without their initial investment.[\[211\]](https://en.wikipedia.org/wiki/Non-fungible_token#cite_note-211)
See also
- [Certificate of authenticity](https://en.wikipedia.org/wiki/Certificate_of_authenticity "Certificate of authenticity")
- [Decentralized autonomous organization](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization "Decentralized autonomous organization")
- [Deed](https://en.wikipedia.org/wiki/Deed "Deed")
- [William Entriken](https://en.wikipedia.org/wiki/William_Entriken "William Entriken"), lead author of ERC-721
- [Title (property)](https://en.wikipedia.org/wiki/Title_\(property\) "Title (property)")
- [Web3](https://en.wikipedia.org/wiki/Web3 "Web3")
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Thomas, Dana (October 4, 2021). ["Dolce & Gabbana Just Set a \$6 Million Record for Fashion NFTs"](https://www.nytimes.com/2021/10/04/style/dolce-gabbana-nft.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved January 20, 2022.
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Lee, Isabelle (November 17, 2021). ["Luxury NFTs could become a \$56 billion market by 2030 and could see 'dramatically' increased demand thanks to the metaverse, Morgan Stanley says"](https://markets.businessinsider.com/news/currencies/luxury-nfts-metaverse-56-billion-market-revenue-2030-morgan-stanley-2021-11). *Insider*. Retrieved January 20, 2022.
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Taylor, Josh (July 21, 2022). ["Minecraft developers won't allow NFTs on gaming platform"](https://www.theguardian.com/games/2022/jul/21/minecraft-developers-wont-allow-nfts-on-gaming-platform). *The Guardian*. Retrieved July 21, 2022.
95. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-95)**
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[978-3-031-07202-4](https://en.wikipedia.org/wiki/Special:BookSources/978-3-031-07202-4 "Special:BookSources/978-3-031-07202-4")
. [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [250238540](https://api.semanticscholar.org/CorpusID:250238540).
96. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-96)**
Lee, Edward (2022). ["NFTs as Decentralized Intellectual Property"](https://doi.org/10.2139%2Fssrn.4023736). *University of Illinois Law Review*: 36, 39, 43. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.2139/ssrn.4023736](https://doi.org/10.2139%2Fssrn.4023736). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [247727602](https://api.semanticscholar.org/CorpusID:247727602). [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [4023736](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4023736). "Using NFTs, artists now have the option of choosing to require a resale royalty for every resale of their NFTs."
97. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-97)**
Heal, Jordan (June 24, 2019). ["Deadpool posters can now be bought as NFTs"](https://web.archive.org/web/20211109233841/https://www.yahoo.com/entertainment/deadpool-posters-now-bought-nfts-110019928.html). *Coin Rivet*. Archived from [the original](https://www.yahoo.com/entertainment/deadpool-posters-now-bought-nfts-110019928.html) on November 9, 2021. Retrieved May 19, 2021 – via Yahoo!.
Cf.
Chmielewski, Dawn C. (August 3, 2018). ["'Deadpool 2' Jumps on the Digital Collectibles Bandwagon"](https://deadline.com/2018/08/deadpool-2-jumps-digital-collectibles-blockchain-1202439356/). *Deadline*. Retrieved May 19, 2021.
98. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-98)**
Ravindran, Manori (March 15, 2021). ["NFT Craze Enters Film World: 'Claude Lanzmann' Documentary is First Oscar Nominee to Be Released as Digital Token"](https://variety.com/2021/film/global/nft-movies-first-film-sale-claude-lanzmann-documentary-1234930343/). *Variety*. Retrieved April 14, 2021.
99. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-99)**
Bosselman, Haley (March 31, 2021). ["'Godzilla vs. Kong' to Have First Major Motion Picture NFT Art Release"](https://variety.com/2021/film/news/godzilla-vs-kong-first-major-motion-picture-nft-art-release-1234941253/). *Variety*. Retrieved April 14, 2021.
100. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-100)**
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101. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-101)**
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102. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-102)**
["Shakira y Piqué son los protagonistas de esta colección NFT"](https://www.infobae.com/america/tecno/2023/01/16/shakira-y-pique-son-los-protagonistas-de-esta-coleccion-nft/). *infobae* (in European Spanish). January 16, 2023. Retrieved September 14, 2025.
103. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-103)**
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104. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-104)**
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105. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-105)**
Diaz, Johnny (November 17, 2017). ["Miramax Sues Quentin Tarantino Over Planned 'Pulp Fiction' NFTs"](https://www.nytimes.com/2021/11/17/business/miramax-tarantino-nft-pulp-fiction.html). *The New York Times*. Retrieved September 8, 2021.
Cf.
Sestino, Andrea; Guido, Gianluigi; Peluso, Alessandro M. (2022). *Non-Fungible Tokens (NFTs). Examining the Impact on Consumers and Marketing Strategies*. p. 33. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-3-031-07203-1](https://doi.org/10.1007%2F978-3-031-07203-1). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-031-07202-4](https://en.wikipedia.org/wiki/Special:BookSources/978-3-031-07202-4 "Special:BookSources/978-3-031-07202-4")
. [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [250238540](https://api.semanticscholar.org/CorpusID:250238540).
See also
Lee, Edward (2022). ["NFTs as Decentralized Intellectual Property"](https://doi.org/10.2139%2Fssrn.4023736). *University of Illinois Law Review*: 41 f. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.2139/ssrn.4023736](https://doi.org/10.2139%2Fssrn.4023736). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [247727602](https://api.semanticscholar.org/CorpusID:247727602). [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [4023736](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4023736).
106. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-106)**
Bethany Minelle (September 2, 2022). ["Muse's Will Of The People becomes first UK number one album with NFT technology"](https://news.sky.com/story/muses-will-of-the-people-becomes-first-uk-number-one-album-with-nft-technology-12687851). Sky News. Retrieved May 20, 2023.
107. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-107)**
Eamonn Forde (August 1, 2022). ["Sales from the crypto: Muse NFT album to become first new chart-eligible format in seven years"](https://www.theguardian.com/music/2022/aug/01/muse-release-nft-edition-album-will-of-the-people-charts). *[The Guardian](https://en.wikipedia.org/wiki/The_Guardian "The Guardian")*. Retrieved May 20, 2023.
108. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-108)**
Stassen, Murray (March 12, 2021). ["Music-related NFT sales have topped \$25m in the past month"](https://www.musicbusinessworldwide.com/music-related-nft-sales-have-topped-25m-in-the-past-month/). *Music Business Worldwide*. Retrieved May 7, 2021.
109. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Brown-2021_109-0)**
Brown, Abram. ["Largest NFT Sale Ever Came From A Business School Dropout Turned Star DJ"](https://www.forbes.com/sites/abrambrown/2021/03/03/3lau-nft-nonfungible-tokens-justin-blau/). *Forbes*. Retrieved May 20, 2021.
110. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-110)**
Barcelin, Jason (May 1, 2021). ["Las Vegas DJ-producer makes millions selling NFTs"](https://www.reviewjournal.com/business/entrepreneurs/las-vegas-dj-producer-makes-millions-selling-nfts-2343633/). *Las Vegas Review-Journal*. Retrieved October 13, 2021.
111. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-111)**
Hissong, Samantha (March 3, 2021). ["Kings of Leon Will Be the First Band to Release an Album as an NFT"](https://www.rollingstone.com/pro/news/kings-of-leon-when-you-see-yourself-album-nft-crypto-1135192/). *Rolling Stone*. Retrieved May 19, 2021.
112. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-112)**
Steele, Anne (March 23, 2021). ["Musicians Turn to NFTs to Make Up for Lost Revenue"](https://www.wsj.com/articles/nfts-are-music-industrys-latest-big-hit-11616491801). *The Wall Street Journal*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). Retrieved May 7, 2021.
113. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-113)**
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114. **[^](https://en.wikipedia.org/wiki/Non-fungible_token#cite_ref-Cheddar_2021-03-232_114-0)**
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See also
["NFTs: The future of ticketing?"](https://www.iq-mag.net/2021/05/nfts-future-ticketing/). *IQ Mag*. May 6, 2021. Retrieved January 3, 2023.
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External links
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