“The value of any asset is partly contingent on your ability to access a market, to sell it if the need arose, and convert it to some other monetary value,” said the buyer, whose name on Rarible is Brojito. The buyer simply logged in one day and could no longer see his purchase in his crypto wallet through the Rarible website, though it is still visible through other crypto exchanges. Rarible, the online marketplace built around the Ethereum cryptocurrency, recently told artist Mike Deodato that Marvel had issued a Digital Millennium Copyright Act takedown notice against Deodato’s NFT of his December 2008 cover of “The Amazing Spider-Man Family.” Deodato had already sold the NFT for the crypto equivalent of $5,500.Īfter the legal threat, Rarible barred the buyer’s ability to view or sell the art he now owns on the blockchain, a decentralized digital network that tracks ownership. The technology behind Thursday’s $69-million digital painting sale may be a bubble, or it may be the wave of the future in art and media. Technology and the Internet $69 million for digital art? The NFT craze explained Marvel and DC declined to comment for this story. “It’s not in our best interests to bite the hand that feeds us,” said Schachter, who halted NFT sales to maintain what he says have been good relationships with Marvel and DC. Jason Schachter, a comic art dealer whose NFT sales of current Marvel artists’ NFT art is thought to have prompted the company’s crackdown, said both Marvel and DC had written letters “asking us to put a pause on selling any NFTs with their licensed properties.” Popular comic artist Kode Abdo, known as BossLogic, canceled an NFT drop for art themed on the movie “Zack Snyder’s Justice League” after DC became concerned that “NFT projects have made substantial revenues without permission or consideration for studio IP,” he wrote on Instagram. The warnings landed heavily in an industry where crossing Marvel or DC can hobble an artist’s ability to work on high-profile projects. Marvel sent a similar notice after artists auctioned NFTs of their original artwork of Marvel characters. This spring, as the rest of the world was scrambling to understand the NFT phenomenon, fans paid the equivalent of nearly $2 million for a set of NFTs by Delbo and the two-person artist team Hackatao featuring DC Comics character Wonder Woman. Serious comics fans have spent hundreds or thousands of dollars for Delbo’s superheroes drawn on paper, so why not try the same thing online with NFTs? Think of it as an electronic deed for an electronic house. NFTs make it possible to buy and sell things like JPEGs of Major League Baseball cards, video clips of NBA highlights, virtual sneakers or even an NFT “flavor” of Pringles crisps using cryptocurrency. NFTs, or nonfungible tokens, are unique pieces of code that work like electronic certificates of authenticity. Then his grandson introduced him to a new technology called NFTs, which some artists have been using to sell their digital works online. Like many older Americans, he seemed isolated and lonely in his Miami apartment, his family says, as he sheltered from the pandemic. José Delbo’s days of drawing superheroes for Marvel and DC Comics ended decades ago, and when COVID-19 shut down comic conventions last year, the 87-year-old got cut off from the fans who bought his artwork too.
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