NFTs: beyond art

To what extent do NFTs complement digital works of art?

Blockchain powered non-fungible tokens (NFTs) have changed the art world, which itself is known for being one of the first places to use this new technology. For the first time in 300 years, Sotheby's carried out a 'Dutch Auction' where the auction started with a high price and progressively reduced until buyers indicated they wanted to buy. Recently, there has been the Spanish National Museum in Madrid selling Van Gogh's and Japan’s Nippon Telegraph and Telephone (NTT) digitising the Vatican's treasure trove so that the Pope could sell NFTs. Other owners of art and treasure must surely follow; not only could digitising their collections offer a source of much needed revenue, but it also enables access to museums’ vast collections since it is estimated only 5% of a museum’s treasures are on display at any one time. NFTs have certainly allowed artists, musicians and other creators of digital material to sell or share their work and…