13 Facts About NFT

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.

The NFT market has been compared to an economic bubble or a Ponzi scheme.

An NFT is a unit of data, stored on a type of digital ledger called a blockchain, which can be sold and traded.

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.

Term "NFT" only achieved wider usage with the ERC-721 standard, first proposed in 2017 via the Ethereum GitHub, following the launch of various NFT projects that year.

Related searches

The standard coincided with the launch of several NFT projects, including Curio Cards, CryptoPunks, and rare Pepe trading cards.

NFT market experienced rapid growth during 2020, with its value tripling to US$250 million.

Ownership of an NFT is often associated with a license to use such a linked digital asset, but generally does not confer copyright to the buyer.

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.

The NFT buying surge was called an economic bubble by experts, who compared it to the Dot-com bubble.

The NFT Bay advertised a torrent file purported to contain 19 terabytes of digital art NFT images.

In some instances, NFT artists have decided against selling some of their own work to limit carbon emission contributions.

Some NFT marketplaces responded to cases of plagiarism by creating "takedown teams" to respond to artist complaints.