A piece of digital artwork called "Everydays: The First 5,000 days" is one of the most expensive art pieces sold at an auction in 2021, a year when non-fungible token (NFTs) are sold.
The picture was taken on April 7, 2021.
The images are from the same source.
Beeple, a piece of digital art created by the 41-year old artist, Mike Winkelmann, was sold in the form of an NFT for $69.3 million, becoming the most expensive piece of digital art to go under the hammer.
Christie's, the auction house that sold Beeple's artwork, announced last week that it has sold $150 million worth of NFTs.
An NFT is a type of digital token that is registered on a platform like the cryptocurrencies that can be used as a record or as a proof of ownership in both the digital and physical world.
The term "NFT" had a brief spike in search interest in March and April before hitting its current surge in August and a similar trend can be seen for the phrase "how to buy NFT."
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$23 billion. The total value of all NFT sales in the past year was published by DappRadar. In 2020, the total NFT sales were worth less than $100 million.
Surprising fact.
NFT was declared as the word of the year by the English Dictionary last month, as it beat out the likes of "cheugy" and "crypto" to claim the top spot.
There is a structure called the Tangent.
Most of the interest in NFTs was driven by digital collectibles, like the ones made by Beeple. Similar to rare Pokemon or baseball trading cards, projects like Cryptopunks offered thousands of unique digital collectibles with varying degrees ofarity. The Bored Ape Yacht Club is made up of a collection of 10,000 NFT-based avatars and gained a lot of attention online. The cartoon ape avatars are owned by celebrities like DJ Khaled, and cost a minimum of $210,000. The owners of the expensive digital asset have received invites to various places. Chris Rock and The Strokes performed at a concert at a yacht party in New York.
There was aContra.
NFT was at the center of several controversies in the past year, including accusations of art theft and their potential environmental impacts. A majority of NFTs rely on the Proof-of-work system of the ethereum, which keeps a record of transactions. Environmental advocates warn that mining, which uses a network of computers around the world, can lead to a rise in carbon emissions. The theft of digital art where the original creators are not credited has caused controversy. Several illustrators and artists who host their content online have complained that their work is being turned into NFTs without their consent or any credit.
Should you buy an NFT? (Forbes)
The NFT market generated over $23 billion in trading volume.
NFTs are hot. Is their effect on the climate?
