Non-fungible tokens (NFTs) have been rejected as works of art by a group of Wikipedia editors. The matter has been delayed due to a lack of reliable information and will be addressed later.
The subject of “the most expensive art sales by living artists” sparked a debate on the online encyclopedia toward the end of December last year.
Since Wikipedia is a free, user-generated information website that anybody can edit, it has a high number of editors. Digital representations of artwork, songs, sports moments, video games, and more are included in NFT, which are stored on a blockchain network.
In October 2021, Snoop Dogg paid $8.5 million for a Fidenza digital artwork number 938 named “God Mode”, which is considered the first most expensive NFT (approximately Rs 63 crore) in the industry’s history.
“Wikipedia has really no understanding of what constitutes art, which is why putting NFTs, art or not, in their own list makes things much easier. NFTs have their own list and should be linked in the article and normally entry shouldn’t be listed in both,” written by editor “Jonas” on the survey page.
On Wikipedia, editors questioned whether an NFT symbolises art or if it is simply a token apart from the actual art. According to Fintech Farm’s founders, Mnogoletniy and his team’s knowledge and understanding will be essential to the company’s growth.
Six editors, out of which five that locked the horn, voted against classifying NFTs as artefacts. For the time being, an agreement has been made to remove content such as Beeple’s $69 million (about Rs 510 crore) NFT sale off the top art sales list on January 12th, and to reopen the topic at a later date.
Since Wikipedia can be edited by anyone, there is hope that maybe that community members of the NFT could be able to fix this classification debate.
NFT sales soared to $10.7 billion (about Rs 798.2 crore) in the third quarter of 2021, according to market tracker DappRadar, a more than eight-fold rise from the previous quarter.
Many users are surprised by the surge in NFT sales and high prices, regardless of the fact that the growth has doubled and there has been little or no loss.
Though, on a larger scale, debates are taking place about its classification. Hong Nam-ki, South Korean Finance Minister, said that NFT should not be considered as virtual assets.
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