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If you follow either the Art world or the digital world, or both, you would have definitely heard of Vignesh Sundaresan, a blockchain entrepreneur of Indian origin, based out of Singapore, who was in news recently for buying a Beeple NFT created by artist Mike Winkelmann, for a whopping $69.3 million in an auction conducted by auction house Christie s!
NFTs or Non-Fungible Tokens are touted to be the digital answer to collectibles, in the same way as Bitcoins were to currency. In layman’s terms, non-fungible means something that has unique properties and cannot be interchanged with anything else. In short, they are crypto tokens connected to digital assets like digital art, music, films, in-game assets like NBA trading cards, collectibles etc; which are helping artists sell their art directly to art connoisseurs.