Illustration by Ryan Inzana
Tim Kang, a 28-year-old software engineer from Los Angeles, became wealthy by investing early in the cryptocurrency Ethereum. But he sees more potential in blockchain, the digital-ledger technology that enables the existence of cryptocurrencies. âIâve been waiting so long,â he says, âfor something that communicates to the world that itâs about more than just cryptocurrency.â
Kang found that something in NFTs, the non-fungible tokens that use blockchain as authentication and have become digital collectibles as well as a booming new business for musicians. And heâs putting his digital money where his mouth is: So far, Kang estimates that he has spent about $2 million on art and music NFTs, which he does not intend to sell. His collection includes one of the 33 NFTs that mark the third anniversary of electronic musician 3LAUâs
NFTs or non-fungible tokens: The new kind of digital art that could prove a bonanza for creators
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MarMarch 2021 at 5:32am
Consensual Hallucinations, an NFT by Western Sydney artist Serwah Attafuah, who said getting paid for JPEGs blows my mind .
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Paul Lamborghini Kell made the news in 2018 when he paid $US38,000 for a digital artwork that anyone could already view or download.
This week, he sold the same artwork a depiction of Homer Simpson combined with internet meme Pepe the Frog for $US320,000.
The Homer Pepe Peter Kell sold for US$320,000.
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Supplied: Peter Kell)