Dear Carolyn,
I am getting ready to separate. In looking through some records, I see my soon-to-be-ex bought an NFT. I also overheard him mention this to a friend. It was from Sotheby’s, so this may involve a lot of money. Is this marital? Does he have to divide this NFT with me? What is an NFT?
Dear NFT,
NFT means non-fungible token. The definition is a distinctive and non-interchangeable unit of data stored on a blockchain (digital ledger). Typically, an NFT is a photo, video or audio that is reproducible. Sotheby’s auction house has NFT’s in its division case Natively Digital. Natively Digital had an auction in June 2021, and you can find the price of items sold online at sothebys.com/en/digital-catalogues/natively-digital-a-curated-nft-sale. The Quantum sold for $1,472,000. Another auction house similar to Sotheby’s is Christie’s, and at Christie’s, a collage of Beeple sold for $69.3 million. These NFTs are the rage. Several Greensboro artists have embraced NFTs.
The emerging crypto art reveals cutting-edge technical innovation. Yes, NFTs are assets to be divided or offset with other assets in a divorce. Whether the copyright is owned when an NFT is purchased is an emerging legal issue. Be careful with the copyright issue in your divorce. One of the tweets of 2021 was about a divorce, whether a wife left a husband because he spent $186,000 on an NFT image, and the wife considered it a horrible financial decision.
Send your questions on family law and divorce matters to “Ask Carolyn…” at askcarolyn@rhinotimes.com, or P.O. Box 9023, Greensboro, NC 27427. Please do not put identifying information in your questions. Note that the answers in “Ask Carolyn” are intended to provide general legal information, and the answers are not specific legal advice for your situation. The column also uses hypothetical questions. A subtle fact in your unique case may determine the legal advice you need in your individual case. Also, please note that you are not creating an attorney-client relationship with Carolyn J. Woodruff by writing or having your question answered by “Ask Carolyn…” “Ask Carolyn…” will be a regular column, but not necessarily weekly.
