Description: NFTs: have you heard of these nonfungible tokens? Art student Jonathan Wolfe certainly has. He sold one of his digital paintings recently for 24.43 units of Ethereum, a cryptocurrency, bring him over $50,000 Canadian. All told, Wolfe has generated over $1 million for sales of NFTs since last fall, all for artwork he used to post for all to see on Instagram.
Date: March 25, 2021
1) Have you ever heard of NFTs before? What do you think of this concept?
2) Does your university have an art program? Have any of the students been marketing their work as NFTs?
3) Chapter 9 of Wiley’s Financial Accounting: Tools for Business Decision-Making, deals with long-lived assets. How would a company account for any holdings of NFTs?