NFTs Weren’t Supposed to End Like This
When we invented non-fungible tokens, we were trying to protect artists. But tech-world opportunism has struck again.
The only thing we’d wanted to do was ensure that artists could make some money and have control over their work. Back in May 2014, I was paired up with the artist Kevin McCoy at Seven on Seven, an annual event in New York City designed to spark new ideas by connecting technologists and artists. I wasn’t sure which one I was supposed to be; McCoy and his wife, Jennifer, were already renowned for their collaborative digital art, and he was better at coding than I was.
At the time, I was working as a consultant to auction houses and media companies — a role that had me obsessively thinking about the provenance, ownership, distribution, and control of artworks. Seven on Seven was modeled after tech-industry hackathons, in which people stay up all night to create a working prototype that they then show to an audience. This was around the peak of Tumblr culture, when a raucous, wildly inspiring community of millions of artists and fans was sharing images and videos completely devoid of attribution, compensation, or context. As it turned out, some of the McCoys’ works were among those being widely “reblogged” by Tumblr users. And Kevin had been thinking a lot about…
