Those of a certain age remember the rallying cry when MTV launched. The cable channel would go on to change the music business. Only time will tell whether NFTs will change the art world; but it is worth examining at least one misconception that some people may have about NFT ownership.

The world of Non-Fungible Tokens (NFTs) is still very much in a state of flux. Powered by the same blockchain technology that supports cryptocurrency, an NFT is a unique set of data stored on blockchain. Unlike dollar bills or grains of rice (which are interchangeable with one another), each NFT is different, as warranted by a digital certificate of authenticity which is traceable on blockchain and publicly available. NFTs are used to represent ownership of an original digital asset, such as a graphic art file, video clip, or music. Although an NFT does not prevent a digital asset from being copied, it does establish ownership of it, which is something that cannot be copied and therein lies the value of an NFT. It is important to note, however, that an NFT only gives the holder certain rights to the asset; the full ownership position still belongs to the artist.