This paper starts with an exposition of descent-theoretic techniques in the
study of Picard groups of E∞-ring spectra, which naturally
lead to the study of Picard spectra. We then develop tools for the efficient
and explicit determination of differentials in the associated descent spectral
sequences for the Picard spectra thus obtained. As a major application, we
calculate the Picard groups of the periodic spectrum of topological modular
forms TMF and the non-periodic and non-connective Tmf. We find that
Pic(TMF) is cyclic of order 576, generated by the suspension
ΣTMF (a result originally due to Hopkins), while Pic(Tmf)=Z⊕Z/24. In particular, we show that there exists an
invertible Tmf-module which is not equivalent to a suspension of Tmf.Comment: 59 pages. Final version - to appear in Geometry and Topolog