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.
Welcome to the bizarre world of non-fungible tokens (NFTs) – unique digital assets that could reshape how we view copyright and the internet.
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