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Here's Why NFTs Are Crypto's Latest Pump-And-Dump Scheme

Reuters This story is available exclusively to Insider subscribers. Become an Insider and start reading now. An NFT owner doesn t have any copyright or legal rights to the piece if there isn t a contract. The digital artwork lives on the internet where anyone can still watch, listen to, or copy without paying. When buying an NFT, the actual object isn t being purchased. Non-fungible tokens have taken the world by storm, becoming the hottest thing in the cryptocurrency market within only a few months. They are touted as a way to revolutionize the way digital art is bought and sold. But a closer look reveals NFTs are no more than a pump-and-dump scheme designed to make a few crypto insiders rich.   

Why Beeple's 'Everydays' Could Be the $69.3 Million Key to Lucrative Venture Capital Investments (and Other Insights)

This week, finding a way in through the out door…   On Friday, Stefania Palma broke virtual bread with crypto-mogul Vignesh Sundaresan (AKA Metakovan) for the Financial Times’s “Lunch with the FT” series. The conversation surfaced noteworthy parallels between venture investing and the art market, including a new explanation for Sundaresan’s willingness to pay $69.3 million for Beeple’s Everydays: The First 5,000 Days. It now sounds like his big bid was partly just a means to a greater socioeconomic end another indicator that the penthouse level of the crypto-art trade is mostly mirroring that of the traditional art trade. To refresh everyone’s memory in this madcap year, Christie’s originally identified the winning bidder for Beeple’s magnum opus (which was marketed as the first “purely digital work with a unique NFT” ever sold by a major auction house) only as Metakovan, a pseudonymous Singapore-based blockchain entrepreneur behind the combination crypt

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