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A Proposed Artist’s Contract for NFTs

The USD 69 million sale of Beeple’s Everydays: The First 5000 Days (2021) at Christie’s in March catapulted the digital art community into the public eye and the mainstream art market. The basic concept behind NFT (non-fungible token) art is straightforward: information about the artwork—such as caption data, ownership data, and even supplemental information such as exhibition history—can be recorded onto the blockchain and looked up whenever an artwork changes hands to ascertain the artwork’s authenticity and provenance. While the technology underlying an NFT is mostly secure, aspects of buying and selling NFT artworks are still in development as artists and collectors navigate this fast-developing marketplace.

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