NFTs once seemed to offer a genuine utility to the art world. There's now hope that, through regulation, that promise can be fulfilled.
The government's proposed crypto crackdown has been welcomed by creatives who were once excited by what the blockchain technology could offer the art world.
"I found the blockchain in 2019 suggested by a fan who supported my music and wanted to buy and display my digital art," Mr Sullivan said."Blockchain enabled me to combine my art and music into one piece."It was a home and ecosystem for my audio-visual paintings.Digital artworks called NFTs are selling for thousands, even millions of dollars.
"The hype of NFTs was born from the dissatisfaction of mostly emerging creators in existing structures," he said. Dr Mogis says NFTs are still in their "early days" and the recent reputational damage can be reversed. "Any regulation should be along International lines, similar to copyright under free-trade agreements.
Dr Cohney says there is still contention that the blockchain properly validates the purchase of artwork through NFTs. "For organisations to present themselves as reputable they will need to operate onshore or in a jurisdiction where Australia has policing power."
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