Sorare says it has raised a record $680 million from investors, valuing the startup at $4.3 billion.
Through these blockchain-enabled digital assets, artists can both maintain ownership of their work and gain royalties from sales. Is this the future of contemporary art?
Niche crypto-asset exploded in popularity in early 2021, leaving many confused as to why so much money was being spent on items that do not physically exist.
“Fillette au beret” is being sold – or “tokenised” – via blockchain in what Sygnum, the digital asset-focused Swiss bank organising the sale, says is a world first.
Sales volumes have remained high after NFTs exploded in popularity early this year, with the most expensive selling for a record $69.3 million.
The blockchain-based token includes an animated version of Berners-Lee's nearly 10,000 lines of code and a letter from himself.
Non-Fungible Tokens are digital objects such as drawings, animations, pieces of music, photos or videos, whose authenticity is confirmed by blockchain technology, preventing forgeries or manipulation.
"Quantum" by Kevin McCoy, a simple geometric animation, is the first known non-fungible token, according to auction house Sotheby's.
With more than 883 million views, it’s one of YouTube’s most popular videos though it will soon be removed from the platform.
British street artist Nathan Murdoch spray-painted a giant mural of two hands in rainbow-coloured gloves joined in prayer then hurled white paint at it – the destruction ensuring the original image will not survive but one print and one NFT will.
Last month, an NFT artwork sold for $69.3 million at Christie’s, in the first sale ever by a major auction house of a piece of art that does not exist in physical form.
With NFTs, many see an opportunity to monetise digital art of all kinds, offering collectors the bragging rights to ultimate ownership, even if the work can be endlessly copied.
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