NFT Devil in the Details

Wikipedia editors recently voted against classifying NFTs as art, but they shelved the issue for another vote at a later date. The question: is an NFT “art” or a “token representing the art”? You may think this is a distinction without a difference, but I assure you it is not.

The vast majority of NFTs are created following a standard similar to EIP-721, which allows for the implementation of a standard API for NFTs within smart contracts. NFTs (such as those created using the ERC-721 non-fungible tokens) can represent ownership over digital or physical assets. Importantly, NFTs are smart contracts recorded on a blockchain. They are not the “artwork,” but instead represent the ownership of (and contractual terms associated with) the “artwork.” It’s great that the Wikipedia peeps are going to do some homework before voting again.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, writes a weekly column for Adweek, and is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and he hosts the Shelly Palmer #CryptoWednesday Livestream. Follow @shellypalmer or visit shellypalmer.com.

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