UCL School of Management Professor Jean-Philippe Vergne has appeared on Al Jazeera’s live global broadcast ‘The Stream’ to discuss the future of art and non-fungible tokens (NFTs). Discussing the most pressing topics of the moment, ‘The Stream’ is a television and online programme that airs daily and has a global reach of 310 million households in over 140 countries.
A non-fungible token, more commonly known as an NFT, is a digital asset used to represent physical objects, such as art pieces, images, music and videos. Now a multi-billion dollar market, NFTs are popular with digital artists around the world, with many claiming that the digital nature of NFTs has brought their work to the forefront of the art world.
However, there are important factors to consider when buying and selling NFT art and, during his appearance on ‘The Stream’, Jean-Philippe warned viewers on the risks associated with NFT usage. In the traditional art market, for example, intermediaries such as art houses and galleries will vet creators on behalf of the buyer in order to offer guarantees. In the world of NFTs, Jean-Philippe notes, these guarantees do not exist.
It is also crucial to consider where the NFT file will be stored upon purchase. When buying an NFT, Jean-Philippe outlines, a transaction receipt is sent to the buyer that points to a file. In order to avoid the file being stolen, replicated or replaced, the file must be stored in a decentralised cloud, which may require extensive research to ensure the legitimacy of the transation. However, if buyers and sellers of NFTs are unsure of storage options or locations, they can also buy NFTs from reputable intermediaries within the market.
Watch the full video below.