In property law , title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest . The rights in the bundle may be separated and held by different parties. It may also refer to a formal document , such as a deed , that serves as evidence of ownership . Conveyance of the document (transfer of title to the property) may be required in order to transfer ownership in the property to another person. Title is distinct from possession , a right that often accompanies ownership but is not necessarily sufficient to prove it (for example squatting ). In many cases, possession and title may each be transferred independently of the other. For real property, land registration and recording provide public notice of ownership information.
70-634: CryptoPunks is a non-fungible token (NFT) collection on the Ethereum blockchain . The project was launched in June 2017 by the Larva Labs studio, a two-person team consisting of Canadian software developers Matt Hall and John Watkinson. The experimental project was inspired by the London punk scenes, the cyberpunk movement, and electronic music artists Daft Punk . The crypto art blockchain project
140-510: A Ponzi scheme . At their peak, the three biggest NFT platforms were Ethereum , Solana , and Cardano . In 2022, the NFT market collapsed; a May 2022 estimate was that the number of sales was down over 90% compared to 2021. An NFT is a data file, stored on a type of digital ledger called a blockchain, which can be sold and traded. The NFT can be associated with a particular asset – digital or physical – such as an image, art, music, or recording of
210-469: A cigarette lighter . They uploaded (known as "minting" in the NFT scene) and sold the video as an NFT. The person who destroyed the artwork, who called themselves "Burnt Banksy", described the act as a way to transfer a physical work of art to the NFT space. American curator and art historian Tina Rivers Ryan , who specializes in digital works, said that art museums are widely not convinced that NFTs have "lasting cultural relevance." Ryan compares NFTs to
280-483: A speculative asset . The NFT buying surge was called an economic bubble by experts, who also compared it to the Dot-com bubble . In March 2021 Mike Winkelmann called NFTs an "irrational exuberance bubble". By mid-April 2021, demand subsided, causing prices to fall significantly. Financial theorist William J. Bernstein compared the NFT market to 17th-century tulip mania , saying any speculative bubble requires
350-490: A break in the chain of ownership. Each of the United States have different procedures for a quiet title action . However, most personal property items do not have a formal document of title. For such items, possession is the simplest indication of title, unless the circumstances give rise to suspicion about the possessor's ownership of the item. Proof of legal acquisition, such as a bill of sale or purchase receipt,
420-500: A buying frenzy. Within 24 hours, all tiles of the current version and a prior version, each hardcoded to 1 ETH ( US$ 0.43 at the time of launch), were sold for a total of US$ 1.4 million. In 2016, Rare Pepes a "semi-fungible" NFT project centered around the Pepe the Frog meme involving a collective of artists contributing their works into a curated directory, emerged on Bitcoin through
490-417: A contract for the sale of land is executed, equitable [interest/title] passes to the seller to the buyer. When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing . In England and Wales , the terms "purchaser" and "vendor" are used. Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with
560-493: A digital file asset. Ownership of an NFT is often associated with a license to use such a linked digital asset but generally does not confer the copyright to the buyer. Some agreements only grant a license for personal, non-commercial use, while other licenses also allow commercial use of the underlying digital asset. This kind of decentralized intellectual copyright poses an alternative to established forms of safeguarding copyright controlled by state institutions and middlemen within
630-485: A new kind of market for artworks that deviated from traditional gatekeeping norms and ushered in a different kind of collector. Artist Beeple sold an ERC-721 NFT of his composite artwork known as Everydays: The First 5000 Days at Christie's for $ 69 million and was the first instance of a legacy arthouse dealing in NFTs. The NFT market experienced rapid growth during 2020, with its value tripling to US$ 250 million. In
700-763: A partnership to simplify the verification and security of metadata for digital content, including NFTs. In 2021, a cryptocurrency exchange Binance , launched its NFT marketplace. In 2022, eToro Art by eToro was founded, focusing on supporting NFT collections and emerging creators. Sotheby's and Christie's auction houses showcase artworks associated with the respective NFTs both in virtual galleries and physical screens, monitors, and TVs. Mars House, an architectural NFT created in May 2020 by artist Krista Kim , sold in 2021 for 288 Ether (ETH) — at that time equivalent to US$ 524,558. NFTs can represent in-game assets . Some commentators describe these as being controlled "by
770-599: A protocol known as Counterparty (which had been created in 2014 and used to create other assets). In 2017, several NFT projects emerged on Ethereum that utilized a "fungible" token standard known as ERC-20. Curio Cards in May of that year is credited with being Ethereum's first art NFT project using the fungible standard and features artwork in the shape of a card among a variety of image types including satirized corporate logos The generative art project of 10,000 pixelated characters known as CryptoPunks emerged soon after in June and would later establish itself as one of
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#1732793291300840-415: A reference implementation. ERC-721 provides core methods that allow tracking the owner of a unique identifier, as well as a way for the owner to transfer the asset to others. Another standard, ERC-1155, offers "semi-fungibility" whereby a token represents a class of interchangeable assets. Because the contents of NFTs are publicly accessible, anybody can easily copy a file referenced by an NFT. Furthermore,
910-423: A security exploit or money laundering . Larva Labs said that the purchase was made with a flash loan where the NFT's owner bought the item from themselves with borrowed money, taking out and repaying the loan within a single blockchain transaction, subsequently invalidating the sale from the asset's historic and from all the related statistics. In early 2022, a Sotheby's auction for a single lot of 104 CryptoPunks
980-433: A sports event. It may confer licensing rights to use the asset for a specified purpose. An NFT (and, if applicable, the associated license to use, copy, or display the underlying asset) can be traded and sold on digital markets. However, the extralegal nature of NFT trading usually results in an informal exchange of ownership over the asset that has no legal basis for enforcement, and so often confers little more than use as
1050-430: A status symbol. NFTs function like cryptographic tokens, but unlike cryptocurrencies, NFTs are not usually mutually interchangeable, so they are not fungible . A non-fungible token contains data links, for example which point to details about where the associated art is stored, that can be affected by link rot . An NFT solely represents a proof of ownership of a blockchain record and does not necessarily imply that
1120-538: A technological advance for people to "get excited about", with part of that enthusiasm coming from the extreme predictions being made about the product. For regulatory policymakers, NFTs have exacerbated challenges such as speculation, fraud, and high volatility. NFTs, as with other blockchain securities and with traditional art sales, can potentially be used for money laundering . NFTs can be used for wash trading by creating several wallets for one individual, generating several fictitious sales and consequently selling
1190-503: A title can also serve as a permanent legal record of condemnation of property, such as in the case of an automobile junk or salvage title . In the case of real estate , the legal instrument used to transfer title from one person or entity to another is via the deed . A famous rule is that a thief cannot convey good title, so title searches are routine (or highly recommended) for purchases of many types of expensive property (especially real estate). In several counties and municipalities in
1260-457: A trust, one person may own the legal title, such as the trustees . Another person may own the equitable title such as the beneficiary . In countries with a sophisticated private property system, documents of title are commonly used for real estate , motor vehicles , and some types of intangible property. When such documents are used, they are often part of a registration system whereby ownership of such property can be verified. In some cases,
1330-403: Is contributory. The transfer of possession to a good faith purchaser will normally convey title if no document is required. Development and subdivision of real estate property may occur while its title is under dispute from another party. If a suit is resolved in favor of a plaintiff , this renders uncertain the circumstances that allowed the said development to occur, and may result in
1400-512: Is not always the best (or highest) title, since it is necessarily based on some other person's title. A quiet title action is a lawsuit to resolve with any cloud on title , such as competing claims or rights to real property, for example, missing heirs , tenants , reverters , remainders and lien holders all competing to get ownership to the house or land. Technical problems with title include misspellings, outstanding debt, unrecorded transactions, and any irregularity that might indicate
1470-438: Is now forgotten by all) from E. Here A has the possession, B has an apparent right of possession (as evidenced by the purchase), D has the absolute right of possession (being the best claim that can be proven), and the heirs of E, if they knew it, would have the right of property, which they however could not prove. A good title consists of the combination of these three (possession, right of possession, and right of property) in
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#17327932913001540-542: Is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. Initially pitched as a new class of investment asset, by September 2023, one report claimed that over 95% of NFT collections had zero monetary value . NFTs can be created by anybody and require few or no coding skills to create. NFTs typically contain references to digital files such as artworks, photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from cryptocurrencies , which are fungible (hence
1610-583: Is the legitimacy of possession (with or without actual possession), evidence for which is such that the law will uphold it unless a better claim is proven. The right of property is that right which, if all relevant facts are known (and allowed), defeats all other claims. Each of these may be in a different person. For example, suppose A steals from B something that B had previously bought in good faith from C and that C had earlier stolen from D and that had been an heirloom of D's family for generations but had originally been stolen centuries earlier (though this fact
1680-488: Is typically established through title reports written up by title insurance companies, which show the history of title ( property abstract and chain of title ) as determined by the recorded public record deeds ; the title report will also show applicable encumbrances such as easements , liens , or covenants . In exchange for insurance premiums, the title insurance company conducts a title search through public records and provides assurance of good title, reimbursing
1750-669: The United States Treasury assessed that there was "some evidence of money laundering risk in the high-value art market", including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)". The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding the transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to Financial Crimes Enforcement Network regulations. In March 2022, two people were charged for
1820-952: The net art fad before the dot-com bubble . In July 2022, after the controversial sale of Michelangelo 's Doni Tondo in Italy, the sale of NFT reproductions of famous artworks was prohibited in Italy. Given the complexity and lack of regulation of the matter, the Ministry of Culture of Italy temporarily requested that its institutions refrain from signing contracts involving NFTs. No centralized means of authentication exists to prevent stolen and counterfeit digital works from being sold as NFTs, although auction houses like Sotheby's , Christie's , and various museums and galleries worldwide started collaborations and partnerships with digital artists such as Refik Anadol , Dangiuz and Sarah Zucker . NFTs associated with digital artworks could be sold and bought via NFT platforms. OpenSea , launched in 2017,
1890-706: The Crown. This continued to be the law of Canada following the American Revolution. In the United States, Indian title is the subservient title held by Native Americans in the United States to the land they customarily claimed and occupied. It was first recognized in Johnson v. McIntosh , 21 U.S. (8 Wheat ) 543 (1823). It very early became accepted doctrine in this Court that although fee title to lands occupied by Indians when
1960-459: The ERC-721 draft, the word deed was given consideration among other alternatives including distinguishable asset, title, token, asset, equity, ticket. Ultimately, through Entriken's initiative under the moniker "Fulldecent," a vote was held during the paper's drafting phase to decide which word would be used in the published version and "NFT" was chosen by the stakeholders. The term "NFT" and
2030-468: The US a standard title search (generally accompanied by title insurance ) is required under the law as a part of ownership transfer. Paramount title is the best title in fee simple available for the true owner. The person who is owner of real property with paramount title has the higher (or better, or "superior") right in an action to quiet title . This concept is inherently a relative one. Paramount title
2100-678: The Ukrainian government against the Russian invasion of Ukraine . On March 11, 2022 it was announced that all of the CryptoPunks IP was acquired by Yuga Labs (parent company and creators of the Bored Ape Yacht Club project) for an undisclosed sum. Immediately, Yuga Labs announced they were giving full commercial rights to CryptoPunks owners. On 7th May 2022 the transfer was completed, and the whole CryptoPunks marketplace
2170-594: The United States, although sales of real estate by non-resident aliens are subject to certain special taxation rules. Prior to the establishment of the United States, title to Indian lands in lands controlled by Britain in North America was governed by the Royal Proclamation of October 7, 1763. This proclamation by King George III reserved title in land to the Indians, subject to alienation only by
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2240-487: The art world thinks they have acquired. They definitely do not own the copyright to the underlying work unless it is explicitly transferred." Certain NFT projects, such as Bored Apes , explicitly assign intellectual property rights of individual images to their respective owners. The NFT collection CryptoPunks was a project that initially prohibited owners of its NFTs from using the associated digital artwork for commercial use, but later allowed such use upon acquisition by
2310-460: The associated artwork file on the blockchain due to the large size of such a file and the limited processing speed of blockchains. Such a token functions like a certificate of ownership, with a web address that points to the piece of art in question; this however makes the art itself vulnerable to link rot . Title (property) Possession is the actual holding of a thing, whether or not one has any right to do so. The right of possession
2380-410: The awareness of the ERC-721 standard received significant exposure and adopted use through the popularity of CryptoKitties in 2017. While using the standard, CryptoKitties earned the recognition of being the first mainstream NFT dApp; the game's usage was significant enough to have overwhelmed Ethereum's processing power at the time. During the height of the breakout success of CryptoKitties and
2450-680: The collection's parent company. The first known "NFT", Quantum , was created by Kevin McCoy and Anil Dash in May 2014. It consists of a video clip made by McCoy's wife, Jennifer. McCoy registered the video on the Namecoin blockchain and sold it to Dash for $ 4, during a live presentation for the Seven on Seven conferences at the New Museum in New York City. McCoy and Dash referred to
2520-645: The colonists arrived became vested in the sovereign – first the discovering European nation and later the original states and the United States ;– a right of occupancy in the Indian tribes was nevertheless recognized. That right, sometimes called Indian Title and good against all but the sovereign, could be terminated only by sovereign act. Once the United States was organized and the Constitution adopted, these tribal rights to Indian lands became
2590-417: The emergence of ERC-721 tokens in 2017, an NFT marketplace called OpenSea emerged to capitalize off of the new non-fungible token standard. It positioned itself early in the NFT market landscape and grew to a $ 1.4 billion market cap in 2021 during the then-ongoing NFT boom. In 2021, ArtReview's Power 100 ranked ERC-721 at the #1 spot, praising it as "the most powerful art entity in the world" for creating
2660-470: The execution of a million-dollar NFT scheme through wire fraud . The European Commission announced in July 2022 that it was planning to draw up regulations to combat money laundering by 2024. Several blockchains have added support for NFTs since Ethereum created its ERC-721 standard. ERC-721 is an "inheritable" smart contract standard, which means that developers can create contracts by copying from
2730-684: The financial markets, the Journal said "NFTs are among the most speculative." In December 2022, a programmer named Casey Rodarmor introduced a new way to add NFTs to the Bitcoin blockchain called "ordinals". By February 2023, the popularity of ordinals had led to an increase in bitcoin's payment fees and may have also partially contributed to an increase in bitcoin's price. A September 2023 report from cryptocurrency gambling website dappGambl claimed 95% of NFTs had fallen to zero monetary value. NFTs have been used to exchange digital tokens that link to
2800-486: The first three months of 2021, more than US$ 200 million were spent on NFTs. In the early months of 2021, interest in NFTs increased after a number of high-profile sales and art auctions. In May 2022, The Wall Street Journal reported that the NFT market was "collapsing". Daily sales of NFT tokens had declined 92% from September 2021, and the number of active wallets in the NFT market fell 88% from November 2021. While rising interest rates had impacted risky bets across
2870-438: The form of NFTs. Artists involved in the entertainment-industry can seek royalties through NFTs. So far, NFTs have often been used in both the music- as well as the film-industry. By February 2021, NFTs accounted for US$ 25 million of revenue generated through the sale of artwork and songs as NFTs. On February 28, 2021, electronic dance musician 3lau sold a collection of 33 NFTs for a total of US$ 11.7 million to commemorate
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2940-421: The formally published version of the standard in 2018. While experiments around non-fungibility have existed on blockchains since as early as 2012 with Colored Coins on Bitcoin, a community-driven paper called ERC-721: Non-Fungible Token Standard was published in 2018 under the initiative of civic hacker and lead author William Entriken and is recognized as pioneering the foundation for NFTs and enabling
3010-482: The growth of the wider eco-system. It introduced the formalization and defining of the term Non-Fungible Token "NFT" in blockchain nomenclature by establishing a standard for smart contracts known as "ERC-721" whose tokens would have unique attributes and ownership details, ensuring no two tokens are alike. The creation of derivative standards followed from its influence on Ethereum (like ERC-1155 enabling semi-fungibility) and other blockchains. Its versatility enabled
3080-490: The insured if a dispute over the title arises. In the case of vehicle ownership, a simple vehicle title document may be issued by a governmental agency. The main rights in the title bundle are usually: The rights in real property may be separated further, examples including: California prevented aliens (mainly Asians ) from holding title to land until the law was declared unconstitutional in 1952. Currently there are no restrictions on foreign ownership of land in
3150-527: The law courts in England. Equitable titles were those recognized by the English chancery courts. Both of these concepts were adopted by the various states upon their creation except, possibly, those based upon European Civil Law , such as Louisiana . Most states have merged the law and equity courts into a single court system, although there may still be law and chancery divisions in some of the systems. When
3220-431: The local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon the death of the legal title holder (owner). For example: When a person having legal title to property dies, heirs at law or beneficiaries per the last will, automatically receive an equitable interest in
3290-489: The most commercially successful NFT projects. In December, a clipart based collection featuring images of rocks called EtherRock emerged. in November 2017, the widely acclaimed blockchain game on Ethereum known as CryptoKitties launched and is credited with pioneering what is considered to be the first bona fide non-fungible token standard, known as ERC-721. It used an early version of ERC-721 that differed from
3360-428: The name non-fungible token). Proponents claim that NFTs provide a public certificate of authenticity or proof of ownership , but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning and does not necessarily grant copyright , intellectual property rights, or other legal rights over its associated digital file. An NFT does not restrict
3430-410: The owner possesses intellectual property rights to the digital asset the NFT purports to represent. Someone may sell an NFT that represents their work, but the buyer will not necessarily receive copyright to that work, and the seller may not be prohibited from creating additional NFT copies of the same work. According to legal scholar Rebecca Tushnet , "In one sense, the purchaser acquires whatever
3500-414: The ownership of an NFT on the blockchain does not inherently convey legally enforceable intellectual property rights to the file. It has become well known that an NFT image can be copied or saved from a web browser by using a right click menu to download the referenced image. NFT supporters disparage this duplication of NFT artwork as a "right-clicker mentality". One collector quoted by Vice compared
3570-493: The pioneering of numerous use cases, including digital artwork, deeds to physical items, real estate (including virtual), access passes, and game assets. Ultimately, the emergence of ERC-721 is recognized for having fundamentally changed the landscape of digital verification, authentication, and ownership. The term NFT, prior to the blockchain game CryptoKitties' adoption of ERC-721, is not known to have been used for earlier projects. Through discussion among stakeholders for
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#17327932913003640-429: The property. When an executor or administrator qualifies, that person acquires the legal title, subject to divestment when the estate has been administered so as to allow for the lawful passing of the legal title to those having an equitable interest. The resulting merger of the legal and equitable gives rise to the "perfect title", often referred to as marketable title. Legal and equitable title also arises in trust . In
3710-632: The resources invested going to waste. The case of Paxton v. Virata et al. , wherein a forgery of a title led to the establishment of the Viva Homes Estate residential subdivision in Dasmariñas , Cavite , in the Philippines , has turned an entire gated community an informal settlement , making residents who have invested decades into null and void titles worried about demolition . In United States law , evidence of title
3780-592: The respective NFT to a third party. According to a report by Chainalysis these types of wash trades are becoming popular among money launderers because of the largely anonymous nature of transactions on NFT marketplaces. Looksrare , created in early 2022, came to be known for the large sums generated through the sale of NFTs in its earliest days, amounting to US$ 400,000,000 a day. These large sums were generated in large part through wash trading. The Royal United Services Institute said that any risks in relation to money laundering through NFTs could be mitigated through
3850-461: The respective events or artists performing there to receive royalties on the resale of each ticket. NFTs have been proposed for purposes related to scientific and medical purposes. Suggestions include turning patient data into NFTs, tracking supply chains and minting patents as NFTs. The monetary aspect of the sale of NFTs has been used by academic institutions to finance research projects. NFTs representing digital collectables and artworks are
3920-507: The respective industry. Digital art is a common use case for NFTs. High-profile auctions of NFTs linked to digital art have received considerable public attention; the first such major house auction took place at Christie's in 2021. The work entitled Merge by artist Pak was the most expensive NFT, with an auction price of US$ 91.8 million and Everydays: the First 5000 Days , by artist Mike Winkelmann (known professionally as Beeple)
3990-443: The same person(s). The extinguishing of ancient, forgotten, or unasserted claims, such as E's in the example above, was the original purpose of statutes of limitations . Otherwise, title to property would always be uncertain. At common law , equitable title is the right to obtain full ownership of property , where another maintains legal title to the property. In the United States, legal titles are those that were recognized by
4060-493: The second most expensive at US$ 69.3 million in 2021. Some NFT collections, including Bored Apes , EtherRocks , and CryptoPunks , are examples of generative art , where many different images are created by assembling a selection of simple picture components in different combinations. In March 2021, the blockchain company Injective Protocol bought a $ 95,000 original screen print entitled Morons (White) from English graffiti artist Banksy and filmed somebody burning it with
4130-477: The sharing or copying of its associated digital file and does not prevent the creation of NFTs that reference identical files. NFT trading increased from US$ 82 million in 2020 to US$ 17 billion in 2021. NFTs have been used as speculative investments and have drawn criticism for the energy cost and carbon footprint associated with some types of blockchain, as well as their use in art scams . The NFT market has also been compared to an economic bubble or
4200-533: The technology as "monetized graphics". This explicitly linked a non-fungible, tradable blockchain marker to a work of art, via on-chain metadata (enabled by Namecoin). In October 2015, the first NFT project, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum's first developer conference, three months after the launch of the Ethereum blockchain. Most of Etheria's 457 purchasable and tradable hexagonal tiles went unsold for more than five years until March 13, 2021, when renewed interest in NFTs sparked
4270-648: The three-year anniversary of his Ultraviolet album. On March 3, 2021, an NFT was made to promote the Kings of Leon album When You See Yourself . Other musicians who have used NFTs include American rapper Lil Pump , Grimes , visual artist Shepard Fairey in collaboration with record producer Mike Dean , and rapper Eminem . A paper presented at the 40th International Conference on Information Systems in Munich in 2019 suggested using NFTs as tickets for different types of events. This would enable organizers of
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#17327932913004340-403: The time. Most of the 10,000 CryptoPunks represent humans, but there are also three special types: Zombie (88), Ape (24), and Alien (9). In October 2021, a single NFT transaction was made for 124,457 Ether (US$ 532 million at the time of the sale) regarding CryptoPunk #9998, much higher than all previous NFT sales, leading to speculation on social media that this could have been some kind of scam,
4410-634: The use of " KYC best practices, strong cyber security measures and a stolen art registry (...) without restricting the growth of this new market". Auction platforms for NFTs may face regulatory pressure to comply with anti-money laundering legislation. Gou Wenjun, the director of a monitoring centre for the People's Bank of China , said that NFTs could "easily become money-laundering tools". He pointed to unlawful exploitation of cryptographic technologies and said that illicit actors often presented themselves as innovators in financial technology. A 2022 study from
4480-440: The user" instead of the game developer if they can be traded on third-party marketplaces without permission from the game developer. Their reception from game developers, though, has been generally mixed, with some like Ubisoft embracing the technology but Valve and Microsoft formally prohibiting them. NFTs have been proposed for use within the film-industry as a way to tokenize movie-scenes and sell them as collectibles in
4550-434: The value of a purchased NFT (in contrast to an unpurchased copy of the underlying asset) to that of a status symbol "to show off that they can afford to pay that much". The "right-clicker mentality" phrase spread virally after its introduction, particularly among those who were critical of the NFT marketplace and who appropriated the term to flaunt their ability to capture digital art backed by NFT with ease. This criticism
4620-646: Was an inspiration for the ERC-721 standard for NFTs and the modern crypto art movement, which has since become a part of the cryptocurrency and decentralized finance ecosystems on multiple blockchains. CryptoPunks are commonly credited with starting the NFT craze of 2021 , along with other early projects including CryptoKitties , Bored Ape Yacht Club , and the sale of Beeple 's Everydays: The First 5000 Days . There are 10,000 CryptoPunk tokens total. On March 2, 2022, an anonymous user donated CryptoPunk #5364 to Ukraine 's government Ethereum wallet public address to help fund
4690-450: Was announced. The auction took place on 23 February 2022, but its seller ( 0x650d ) changed their mind 23 minutes after the auction began and decided to withdraw the auction to keep the whole lot. Non-fungible token A non-fungible token ( NFT ) is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. The ownership of an NFT
4760-406: Was moved to the new Yuga Labs owned website. There are 10,000 unique CryptoPunks (6,039 male and 3,840 female). Each one was algorithmically generated through computer code and thus no two characters are exactly alike, with some traits being rarer than others. They were originally released for free and could be claimed by anyone with an Ethereum wallet by paying only " gas fees ", which were low at
4830-566: Was one of the first marketplaces to host various types of NFTs. In July 2019, the National Basketball Association , the NBA Players Association and Dapper Labs, the creator of CryptoKitties , started a joint venture NBA Top Shot for basketball fans that let users buy NFTs of historic moments in basketball. In 2020, Rarible was found, allowing multiple assets. In 2021, Rarible and Adobe formed
4900-417: Was promoted by Australian programmer Geoffrey Huntley who created "The NFT Bay", modeled after The Pirate Bay . The NFT Bay advertised a torrent file purported to contain 19 terabytes of digital art NFT images. Huntley compared his work to an art project from Pauline Pantsdown and hoped the site would help educate users on what NFTs are and are not. NFTs that represent digital art generally do not store
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