Digital art frenzy raises questions for tax, law enforcement – HEDGE accordingly
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The sale last month of a digital piece of art for a near-record price raises new questions about a technology that the financial sector sees as offering great opportunity. Christie’s auctioned the artwork for 69 million dollars and recorded the transaction on a public blockchain as a “non-fungible token,” or NFT. The digital collage incorporating 5,000 separate digital images was created by Beeple, whose real name is Mike Winkelmann, and can be seen on the auction house website. The price exemplifies the frenzy involving NFTs, which rely on the same technology that powers cryptocurrencies, inc…

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HEDGE accordingly