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Ryan McGinness 30 Thoughts Non-fungible Token Primer on NFT Art 11) Ownership as Thought Experiment NFTs allow us to more efficiently separate ownership rights from possession rights, because there is nothing to possess. Ownership is a concept. A mindset. A feeling. And, feelings are real. Feelings are the result of having a human spirit. This is nothing new in art nor in other areas of culture. Have you ever purchased a work of art and immediately stored it? Have you ever purchased an oil tank- er and never seen it in person? Or a share of stock in a corporation? If you haven’t, then at least you can imagine doing those things, and your imagination allows you to own your conception of doing those things. You own your own thoughts (and nothing else). Art only exists in your mind. As it exists in more minds, art becomes more artful. This is why new art is not immediately accepted. It does not yet exist in enough minds as art. But as more minds agree, the collective consciousness wills the initially unaccepted art into a state of art. This is also true of ownership. Ownership only exits in the mind, and if we all agree some- one (or something) owns something, then they do. With NFTs, that agreement is written to the blockchain. 12) Artists now sell shares, not artwork NFT artworks are shares of stock in an artist, but with no market cap. Artists, be careful about how many shares you want to issue. 13) Practical Obscurity These NFT shares in an artist are on offer to the public. They are not trans- ferred privately. The auction model for bringing NFTs to market does not allow the artists to select their collectors. Often in the old art world, artists, brokers, and dealers were careful about who got to own an artwork. A collector was given permission to buy. A collector was allowed to be the artwork’s custodian. NFTs turn off your permissions. ryanmcginness.com Page 4 of 17PDF Image | Non-fungible Token Primer 2021
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