Nonfungible tokens (NFTs) are an emerging digital asset class that present unique and innovative means of commercialization. Artists and creators “minted” and sold NFTs without much notice until they boomed into the public consciousness in March 2021, hitting an inflection point when Christie’s, a world-leading art and luxury online auction business, made history with the monumental sale of artist Beeple’s Everydays: The First 5000 Days for $69.3 million. This monumental sale sparked an NFT craze by celebrities, creators, and athletes exploring ways to commercialize their brand, image, or content. Even former Twitter CEO Jack Dorsey sold his first-ever tweet for $2.9 million as an NFT. Surging past 2020’s $100 million gross, the 2021 NFT market generated more than $23 billion in transactions.
Griffin, DeJuawn "DJ"
"Mining the NFT Goldrush: A Prospective Guide to Drafting NFT Contracts,"
Mercer Law Review: Vol. 74:
2, Article 13.
Available at: https://digitalcommons.law.mercer.edu/jour_mlr/vol74/iss2/13