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Nonfungible tokens (NFTs) are the latest cryptocurrency craze. These one-of-a-kind-collectibles have dramatically risen in popularity and have penetrated mainstream marketplaces. Since NFTs are often associated with images, videos, music, and other content, the relevance of copyright law is critical to this evolving marketplace, and it likely will take time to learn exactly how copyright law will apply to this new technology under different circumstances.
Recently, an NFT of artwork by the digital artist Beeple sold at Christie’s Auction House for $69,346,250. Many other interesting examples are in the news, spanning from tweets to sports cards to memes. The financial backing to support this fledgling form of cryptocurrency has the attention of investors as well. Forbes reported on March 23, 2021, that sports card marketplace Dibbs raised $2.8 million in seed funding to be used to support its collectables marketplace platform.