Description: Non-fungible tokens – or NFTs, as they are popularly called – are unique digital artworks protected through blockchain technology. As the interest in NFTs has grown, art galleries and museums have started to show these digital works as part of their collections. These crypto assets are subject to hacking and cyber crime, however, adding a whole new dimension to art theft.
Date: February 19, 2022
1) Does your campus art gallery display any NFTs?
2) Does your university have a fine arts program? Do any of the students in the program sell NFTs?
3) Chapter 8 of Wiley’s Understanding Financial Accounting tells us about the various categories of Long-Term Assets. How would you recommend classifying NFTs on a balance sheet?