Monetizing ownership and fandom

NFTs, or non-fungible tokens, are disrupting long-set notions of value, setting up creators and brands alike to monetize digital collectibles from artwork to memes and movie scenes. Popularized by the art world, and memes like ‘little girl in the backseat’ (which was sold as an NFT), NFTs are creating a digital economy that arms users with the power to assign value, cutting out the middleman. The unregulated wild west of NFTs is already rearing its head. Director Quentin Tarantino created NFTs of exclusive scenes from his 1994 film “Pulp Fiction,” only to be sued in turn by Miramax for doing so.

 
 

The financial sector and regulators may be concerned, but NFT owners care little about regulation. In Korea, policymakers have butted heads over what to do with NFTs. With vast digital footprints and inevitable barriers with regulation, the long-term financial prospects of NFTs are unknown, even if they rise in popularity.