ABSTRACT
There are many types of non-fungible tokens. NFTs are most commonly made available using the Ethereum blockchain network. A non-fungible asset can be one unique item or multiple unique items, and the token can provide a range of rights or permissions to the owner of the token. NFTs are not limited to artwork and can include virtual and real-world benefits to an owner, such as the Bud Light NFT launched during the 2022 Super Bowl.
An NFT collection is a digital art collection released by an artist, or group of artists, containing a limited number of individual NFTs. There are usually several stages of a release, after which time the NFTs trade on the open market. It’s most common to see cartoon, or vector, style NFT collections of 10,000 pieces that can be used as an avatar or pfp. One may be left wondering how an artist, or even a group of 1,000 artists, could generate 10,000 individual, unique NFTs so quickly. In a way, they don’t. That’s where computer software, sometimes with an underlying artificial intelligence or machine learning component, comes into the mix.
Graves, Franklin, Sorry, Your NFT Is Worthless: The Copyright and Generative Art Problem for NFT Collections (February 20, 2022), IPWatchdog.com, 2022.
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