Law360 (July 21, 2021, 4:17 PM EDT) -- When digital artist Beeple's "Everydays: The First 5000 Days" sold at Christie's International PLC for $69.3 million in March, nonfungible tokens, or NFTs, officially became the art market's newest bright shiny object.
The auction houses responded enthusiastically: Sotheby's and Phillips Auctioneers LLC announced their own upcoming NFT sales, and Christie's doubled down, including a CryptoPunk NFT in its marquee May evening sale that sold for $16.9 million.
Buyers who entered the NFT market early are experiencing enormous returns on their investments. But those who are entering the market now with the expectation of quick and substantial profits should proceed with caution,...
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