The acceptance of NFTs by the traditional art market has been challenging. While some projects have enjoyed financial success and critical acclaim, others have languished, unsold and buried in a pile of visual noise. And, just as the art world was warming up to fine art NFTs thanks to thoughtful projects like Frank Stella’s Geometries on Artist Rights Society’s ARSNL platform or Peter Wu’s digital exhibitions at Epoch Gallery, the crypto landscape has seemingly collapsed, casting a chill that many fear will turn into a permafrost.

Unprecedented volatility in the crypto market — since bitcoin peaked at $68,000 last November, it and Ethereum have lost 75 percent of their value — culminated in the collapse of digital currency exchange FTX, a moment that many have likened to crypto’s “Lehman moment.” As the co-head of Cowan DeBaets Abrahams & Sheppard LLP’s Fine Art & NFT Practice Group, I have received a steady stream of questions from clients and friends asking whether fine art NFTs are finished since FTX’s demise.

My short answer is no.

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