nft: That art file in your inbox is non-fungible, non-insurable

March 6, 2022

in Music

Reading Time: 6 mins read

Representative Image

Synopsis

NFT is a unique digital non-fungible token which means it can secure digital ownership of an artwork (any digital or physical asset) in the blockchain network. In general, NFTs have a unique ‘uniform resource identifier’ (URI) that is linked to any online or offline item such as art, music, photography, or even real world tangible items like real estate, automobiles, fashion, wine etc.

Christie’s sold a non-fungible token (NFT) for a staggering $69 million. While the selling price for the artwork, ‘Everyday’s: The First 5000 Days’, was widely publicised, a Christie’s representative said it was not able to share information on how the NFT was insured.

When it comes to tangible art, insurance is a must – protecting it from theft, damage and so forth. But how do you insure an entirely digital product? In India, the answer is

ET Bureau

4 mins read, Last Updated:

Mar 06, 2022, 08:46 AM IST

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