So someone actually paid $725,000 for a picture of my column. Well, actually, that is a little outdated because the exchange rates have fluctuated since I published that column. So it says, why did someone pay $560,000 for a picture of my column? So tell me about that. And I’m going to read it to you right now. So Kevin, I realized how little I understood about your world when I saw this headline of yours in the paper.
My colleague Sabrina Tavernise speaks with columnist Kevin Roose about digital currencies newest frontier, his unexpected role in it, and why it actually matters. NFT, and that stands for nonfungible token. Now to the latest trend that’s sweeping the internet, the skyrocketing prices for digital art sold as NFTs. Today, It started with a picture posted on the internet and ended in an extravagant cryptocurrency bidding war. Why are some people shelling out millions of dollars for them? michael barbaroįrom the New York Times, I’m Michael Barbaro. The craze for digital artworks known as NFTs exploded in the past year. Transcript Listen to ‘The Daily’: Cryptocurrency’s Newest Frontier Hosted by Sabrina Tavernise produced by Stella Tan, Rachelle Bonja and Neena Pathak edited by Paige Cowett and Rachel Quester and engineered by Chris Wood. The technology also responds to the art world’s need for authentication and provenance in an increasingly digital world, permanently linking a digital file to its creator. Now, artists, musicians, influencers and sports franchises are using NFTs to monetize digital goods that have previously been cheap or free. Most importantly, NFTs make digital artworks unique, and therefore sellable. The current boom is mostly for digital assets, including images, GIFs, songs or videos. What is a “nonfungible token,” or NFT?Īn NFT is an asset verified using blockchain technology, in which a network of computers records transactions and gives buyers proof of authenticity and ownership. If you’ve heard about them and want to know what the fuss is about, here’s a primer. Beeple, a newcomer to the fine-art world who first heard about NFTs five months ago, is the most high-profile artist to profit off the huge boom in sales of these much hyped but poorly understood commodities. The sale, at Christie’s, for the purely digital work was the strongest indication yet that NFTs, or “nonfungible tokens,” have taken the art market by storm, making the leap from specialist websites to premier auction houses. The artist Mike Winkelmann, also known as Beeple, has just sold an NFT at a record-breaking $69.3 million, the third-highest price achieved by a living artist.
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