How NFTs are changing the game for digital artists and collectors

This WSJ video explains how Non-Fungible Tokens (NFTs) work, their impact on the digital art scene and why sceptics question whether they’re built to last.

NFTs have exploded onto the digital art scene this past year, with proponents saying they are a way of making digital assets scarce, and therefore more valuable – giving artists and creators options they didn’t have before in terms of revenue streams.

With big brands like Christie’s auction house and the National Basketball Association getting involved and some tokens already selling for six-figure sums, they argue, the question isn’t if NFTs will force a very old industry to adopt some very new practices… it’s when.

NFTs’ detractors, however, harbour concerns that NFTs’ skyrocketing value is no more than a speculative bubble that could crash at any moment, bringing down investors with it.

View the original video here.

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