Digital art frenzy raises questions for tax, law enforcement
Caitlin Reilly, 13 April 2021
The sale last month of a digital piece of art for a near-record price raises new questions about a technology that the financial sector sees as offering great opportunity.
Christie’s auctioned the artwork for $69 million and recorded the transaction on a public blockchain as a “non-fungible token,” or NFT. The digital collage incorporating 5,000 separate digital images was created by Beeple, whose real name is Mike Winkelmann, and can be seen on the auction house website. Continue reading “Article: Digital art frenzy raises questions for tax, law enforcement”
Non-fungible tokens, or NFTs, are changing the way we think about art (and other collectibles), and in 2021, investors have started to take notice. As Decrypt writes, in the last year, NFTs have shot to the forefront of the crypto space. The cryptographically-unique tokens make it possible to create real-world scarcity for digital objects, and artists have seized on the opportunity presented by the technology.
Institutions are slowly warming to Bitcoin, which many market observers believe will lead to substantial long-term price appreciation.