In fact, one of Beeple’s works was auctioned at Christie’s, the world-famous auction house. I’m sure some individuals sincerely hope so, like the one who paid over $390,000 for a 50-second Grimes video or the $6.6 million for a Beeple film. (As a side note, we were attempting to think of something so ridiculous that it wouldn’t be a real thing when we came up with the sentence “purchasing my excellent tweets.”) So, of course, shortly after we published the report, Twitter’s founder sold one for slightly under $3 million.)ĭo people truly believe this will become into a kind of art collecting? A lot of the discussion revolves around NFTs as a digital development of fine art collecting. I don’t believe anybody will be able to stop you, but that isn’t what I meant. NyanCat on OpenSea (GIF)ĭo you mean people paying for my excellent tweets? This GIF of a dogecoin, on the other hand, is. NFTs can be anything digital (drawings, music, even your brain being downloaded and transformed into an AI), but the current buzz is focused on exploiting the technology to sell digital art.ĭogecoin is not a non-fungible token. What should you buy in the NFT supermarket? It’s worth mentioning that various blockchains can use NFTs in their own ways. Ethereum, like bitcoin and dogecoin, is a cryptocurrency, but its blockchain also enables these NFTs, which hold additional information that allows them to function differently from, say, an ETH coin. Most NFTs are, at a high level, part of the Ethereum blockchain. You traded a Squirtle for a 1909 T206 Honus Wagner, dubbed “the Mona Lisa of baseball cards” by StadiumTalk. You’d get something altogether different if you swapped it for a different card. A one-of-a-kind trade card, on the other hand, cannot be duplicated. A bitcoin, for example, is fungible, meaning you can exchange one for another and get precisely the identical item. “Non-fungible” basically indicates it’s one-of-a-kind and can’t be substituted with anything else. WHAT EXACTLY mean NFT? WHAT DOES NFT REPRESENT? I believe I’ve figured it out after countless hours of reading. You might be thinking, what exactly is an NFT? We’re still reading news about individuals spending house money for rock clip art months after we initially published this explainer, and my mother has no idea what an NFT is. By the time we all figured out what was going on, Twitter’s founder had placed a signed tweet up for sale as an NFT. Nothing like a barrage of blockchain news to make you wonder, “Um… what’s going on here?” That’s how I felt when I read about Grimes getting paid millions of dollars for NFTs, or Nyan Cat being sold as one.
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