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The Digital Art Revolution: Intellectual Property Issues of NFTs
To say that the digital artwork market is soaring is an understatement. Art and technology are converging rapidly as digitization permeates all of society, changing the nature of art from traditionally object-based to increasingly data-driven. Digital collectibles range from art, to music, to sports memorabilia, though digital artwork (or “crypto art”) is the strongest growing subsection of the market. The total value is currently estimated at nearly $200 million, with massive week-over-week growth. Arguably the most revolutionary element of crypto art is that the artist can receive a commission on every sale and resale of the artwork in perpetuity. Fans can now own a one-of-a-kind artifact, help make the artist money now and in the future, and potentially profit themselves by selling the digital artwork on a trading platform.
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