A short 10-second video that sold for $ 6.6 million
In October 2020, Miami-based art collector Pablo Rodriguez-Fryley bought nearly $ 67,000 for a 10-second artwork he could watch for free online and last week he sold it for $ 6.6 million.
The video by digital artist Beeple, whose real name is Mike Winkelmann, has been authenticated by the blockchain, which serves as a digital signature to prove who owns it and that it's the original work.
It is a new type of digital asset known as (NFT) or the non-exchangeable token that has become widespread during the Corona pandemic as enthusiasts and investors scramble to spend massive amounts of money on items that are only online.
Blockchain technology enables items to be publicly authenticated as unique, unlike traditional online objects that can be reproduced infinitely.
Examples of NFTs range from digital artworks and sports cards to plots of land in virtual environments or the exclusive use of the name of a cryptocurrency wallet, similar to the scramble for domain names in the early days of the Internet.
The computer-generated video that Rodriguez Friel sold shows what appears to be the giant Donald Trump collapsing to the ground, his body covered in slogans.
OpenSea, a marketplace for NFTs, said it has seen its monthly sales volume grow to $ 86.3 million so far in February compared to $ 8 million in January, and monthly sales reached $ 1.5 million a year ago.
However, investors cautioned that the NFT market could represent a price bubble. As with many new niche investment areas, there is a risk of significant losses. In addition, the marketplace, where many participants operate under pseudonyms, provides an excellent environment for fraudsters.
CROSSROAD
— Nifty Gateway (@niftygateway) February 25, 2021
By @beeple
The #1/1 from beeple's first NG drop has just resold on the secondary market for $6.6 million.
History has just been made.
Congrats to beeple and of course to @pablorfraile for the sale. pic.twitter.com/mTYG4VABSw