Abstract

Non-Fungible Tokens were unknown territory for many but came to the fore with the $69 million sale of Beeple at Christie’s in 2021. Since then, a lot has happened in the world of NFTs, especially in the art world and on the art market. The main problem that this article seeks to address is the lack of an overview of the tangle of NFTs in the art world. It is therefore useful to take a bird’s-eye view of the phenomenon. The NFT puts digital art in a different perspective and raises questions about decentralization, sustainability, and copyright. This article will give a brief overview of the history of the NFT in the art market, as well as definitions and insights helpful for understanding the role of NFTs in the art world. The popularization of digital media and the never-ending digitalization are factors that need to be considered. As it caused a small but substantial rupture in the art world during and after COVID-19, this article also considers the future role of the NFT in the arts.