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NFTs are much bigger than an art fad here's how they could change the world
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Sotheby’s has become the latest establishment name in art to dive into NFTs (non-fungible tokens) through its collaboration with anonymous digital artist Pak and NFT marketplace Nifty Gateway.
The auction house sold The Fungible Collection, a “novel collection of digital art redefining our understanding of value”, for more than US$17 million (£12 million).
Some pieces, such as “The Switch”, a monochrome 3D construction that is going to be changed by the artist at some unspecified moment in the future, received bids well in excess of US$1 million.
For the uninitiated, NFTs are tokenised versions of assets that can be traded on a blockchain, the digital ledger technology behind cryptocurrencies like bitcoin and ethereum. Whereas one bitcoin is directly interchangeable with another, meaning they are fungible, NFTs are the opposite because the underlying assets are unique in some way and can’t be exchanged like for like.
Investors Are Buying Land in Virtual Worlds
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by Tyler Durden
Friday, Apr 23, 2021 - 10:40 PM
With the invention of non-fungible tokens during the midst of an insane real estate boom fueled by the Fed s ongoing coke-bender of a stimulus package, it was only natural that crypto investors would start buying up virtual real estate.
In the virtual world, now being called the metaverse , people aren t just spending $69 million for digital art, like Vignesh Sundaresan recently did. They are also spending on land, buildings, avatars and even names as NFTs, Reuters reported.
Sundaresan counts himself among the world s biggest NFT investors, amassing a $189 million fund of NFTs and digital assets.
LONDON – What do you do with a $69 million artwork that doesn’t physically exist?
That’s the question faced by the Singapore-based investor calling himself Metakovan, who made headlines last month when he bought the digital artwork “Everydays: The First 5,000 Days” by the American artist Beeple at Christie’s.
The work is a nonfungible token (NFT) a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing.
Metakovan, real name Vignesh Sundaresan, plans to put the artwork on display in four virtual world environments. He is working with architects to design gallery complexes that the public can enter via web browsers or virtual reality technology.
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