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Tech Policy Unit Horizon Scanner - July 2021 13 July 2021 It s hard to put a price on the Internet. Sure, you could start by valuing all the tech giants, but it s less clear where you end: almost the entire modern economy depends upon the Internet s proper functioning. So when the Internet source code sold for only $5.4 million last month at a Sotheby s auction, was it the bargain of the century? Of course, Sotheby s didn t sell off any infrastructure underpinning the functioning of the Internet. They sold a non-fungible token (NFT) representing the World Wide Web source code, alongside an assortment of other digital items created by Tim Berners-Lee. What sale and ownership means in the context of NFTs can take a little unpacking, just as it depends upon the jurisdiction you re dealing with. Our global piece on NFTs below will help you get to the answers.

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