A piece of art that does not exist in the physical world has been sold at Christie’s auction for US$69 million: the buyer will not receive a sculpture, not a painting, not even a copy NFT Token development services. You will receive a digital token (or digital voucher) known as an NFT. If bitcoin was hailed as the digital answer to currency, NFTs are now considered the digital answer to collectibles. But there are many skeptics who consider it to be a new bubble about to burst .
What is an NFT?
NFT stands for Non-Fungible Token. Skip You may also be interested and continue reading You may also be interested Bored Ape The Mistake Why An NFT Valued At $300,000 Was Sold For Only $3,000 Everyone expects health, happiness and joy in the New Year. Create NFT Token.
Elizabeth Holmes outside court Elizabeth Holmes: Controversial Theranos Founder Convicted of Fraud and Conspiracy, a fungible asset is something with units that can be easily exchanged, such as money. With money, one can exchange a 10-peso bill for two five-peso bills and they will have the same value.
However, if something isn’t expendable, that’s impossible: it means it has unique properties, so it can’t be traded.
One could take a photograph of the painting or buy a copy but only one original painting will exist. “If you take a photo of the original painting, with the best possible camera, and then use the best painter to reproduce it exactly, it is very likely that it will be perfect, but it will never be that of Leonardo da Vinci,” the investor explained to BBC Mundo. American Pablo Rodríguez-Fraile, who sold a video for US$6 million that can be seen for free and whose story we tell here:
How I sold a 10-second video that can be viewed for free for $6 million
NFTs are an “inimitable” asset in the digital world that can be bought and sold like any other type of property, but have no tangible form of their own.
These digital tokens can be understood as certificates of ownership of virtual or physical assets.
How do they work?
Traditional works of art like paintings are valuable because they are unique. But digital files can be easily duplicated over and over again. With NFTs, art can be tokenized to create a digital certificate of ownership that can be bought and sold. As with cryptocurrencies, a record of who owns what is stored in a shared ledger like the blockchain. NFT Token Development How I sold a 10-second video that can be viewed for free for $6 million The records cannot be falsified because the book in question is maintained by thousands of computers around the world. NFTs can also contain smart contracts that could provide the artist with, for example, a share of a future sale of the token.
What stops people from copying digital art?
Any. Millions of people have seen the $69 million piece of art by artist Mike Winkelmann, known as Beeple, and the image has been copied and shared countless times. The extraordinary auction for $69 million of a work of art that does not exist in real life In many cases, the artist even retains the copyright to their Some people compare it to buying a signed copy.
Are people paying millions of dollars for tokens?
Yes. It’s as far-fetched as it sounds.
How much are NFTs valued at?
In theory, anyone can tokenize their work to sell as an NFT, but interest has grown in the wake of news of multimillion-dollar sales. On February 19, a Gif of Nyan Cat, the famous 2011 meme of a cookie-bodied cat flying, sold for more than $500,000. A few weeks later, Canadian singer Grimes sold a collection of digital works for more than $6 million.
Grimes sold a collection of his artwork for more than $6 million earlier this month. But it’s not just art being sold through NFTs.
Twitter founder Jack Dorsey sold his first tweet on the social network for $2.9 million. And the auction of the Beeple piece, the first digital art ever offered at Christie’s, reached a new record for digital art. But as with cryptocurrencies, there are concerns about the environmental impact of maintaining the blockchain. Is it just a bubble? And I think we may be in that bubble right now .”Others are even more skeptical. David Gerard, author of Attack of the 50-foot Blockchain , stated that he saw NFTs as buying “official collector’s items.” “There are some artists making money off of this stuff… but you probably won’t , “ he warned . The collage of the 5,000 pieces.
