Friday, October 7News That Matters

Tag: ‘NFTs’

EXPLAINER: What’s this craze for ‘NFTs’ all about, anyway?

EXPLAINER: What’s this craze for ‘NFTs’ all about, anyway?

LONDON -- A digital art piece, tweaked using cryptocurrency technology to make it one-of-a-kind, sold at auction this week for nearly $ 70 million. That transaction made global headlines and buoyed already-mushrooming interest in these kinds of digital objects — known as non-fungible tokens, or NFTs — that have captured the attention of artists and collectors alike.A NON-WHAT TOKEN?In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely. A non-fungible object, by contrast, has its own distinct value, like an old house or a classic car.Cross this notion with cryptocurrency technology known as the blockchain and you get NFTs. These are effectively digital certific...

People are paying millions for clips that can be viewed for free. Welcome to the world of ‘NFTs’

A virtual art piece titled "Everydays: The First 5000 Days." Created by digital artist Beeple, it's the first NFT-based work of art to go on auction at Christie's.Christie'sFrom art to sports trading cards, people are spending millions of dollars on digital collector's items.These crypto collectibles, known as NFTs, have exploded in popularity lately. A video clip created by digital artist Beeple, whose real name is Mike Winkelmann, was flipped for a record $ 6.6 million last week. It had originally been bought for around $ 67,000.Meanwhile, one of thousands of computer-generated avatars called CryptoPunks recently sold for $ 2 million. And a crypto art rendition of the Nyan Cat meme from 2011 sold for about $ 590,000 in an online auction.Proponents of NFTs say they fix a big problem w...