In a short time, they have developed a new market for digital art, important new rights for creators, innovative business models based on decentralized collaboration, and a new type of interactive ownership that enables identity, community, and patronage through NFTs. Both movements radically reimagine what's possible.Ĭreators and businesses have seized upon this profound transformation. What Cubism did in radically changing the twentieth-century perspective of creating and viewing art through cubes, Tokenism does today in altering our perspective of owning art and other things through tokens.
Tokenism is an artistic, cultural, and technological movement that creates value in a new kind of ownership of a new type of property-symbolized by a virtual token-through a process of technological abstraction and artificial scarcity effectuated by NFTs. Using vivid examples, Lee lucidly explains how NFTs operate-and how they fundamentally change our understanding of ownership. In Creators Take Control, Edward Lee offers a compelling new theory he calls "Tokenism" that answers these perplexing questions. Then why are people spending so much money to own them-to the tune of $27 billion in 2021? And why are big businesses and venture capital firms investing hundreds of millions to develop NFTs for people's use in the metaverse, a purely imaginary world? If you buy an NFT, do you own anything? Critics say no. A leading legal scholar offers a compelling new theory to explain the meteoric rise of non-fungible tokens (NFTs) and their impact on art, business, entertainment, and society, and explains how they are revolutionizing our understanding of ownership.
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