This was a fun one!

At the final “pop-up” talk of the year, the MSL program welcomed magician Giancarlo Bernini and entertainment lawyer Ray Genco to discuss some wild and cutting edge issues involving how artists and entertainers (including magicians) can own and protect their art. Part of the discussion focused on the unique position and history of magicians and the unique ways in which their work intersects with current technology and digital creation.

Talk of NFTs (non-fungible tokens) is everywhere these days – much of the discussion with Ray and Giancarlo focused on how NFTs are being used in the world of art and entertainment. Non-fungible tokens are units of data stored on a digital ledger or blockchain. They are unique and non-interchangeable, and accordingly they can create ownership of something original, such as a magic trick. In fact, Giancarlo made history by minting the first-ever magic trick NFT on the Ethereum Blockchain.

Ray and Gaincarlo shed light on the reasoning behind and process of minting the first magic trick NFT.  They both agreed that NFTs are a welcome development in the art world, especially because prior to NFTs, there was not a realistic way for artists to get compensated for their unique contributions, nor was there a way for artists in some mediums to claim ownership of their assets – there was no real economy for the products of many artistic endeavors. According to Ray and Giancarlo, NFTs have created such an economy and this has allowed artists – including magicians – to get in on the act and to monetize their fruits of their labor and talent. Giancarlo and Ray are taking a creative approach to NFTs, by focusing on both the marketing side – engaging the community of magic fans – and also on the legal side – establishing ownership of the trick and creating the opportunity for royalties.

Though the use of NFTs is somewhat controversial and also somewhat daunting for the non-technical consumer, Giancarlo and Ray were very optimistic about the use of NFTs in the art world. As Ray stated:  “On the artist’s side, anyone can participate as a creator and that is a transformative disruption. That is the game changer.”