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Economist cover auction NFT raises nearly $422,000 (99.9 ETH) for charity
- helsinkiandrew 5y agoAt least this NFT is clear on the 'owners' rights: > The winning bidder now owns a record on the Ethereum blockchain that gives him or her the right to use, publicly display, copy and re-sell the NFT. But The Economist still owns the copyright and will retain a 10% royalty stake on future sales (with all proceeds going to the charity). This raises one of the fundamental questions of NFTs: what is the point of them? Unlike with a physical artwork, anyone can still download and enjoy “Down the rabbit hole”. But art has always been about claims of ownership and authenticity: it seems that for one keen crypto bidder, that is worth the price.