The world is digitizing fast. In this sequence, the trend of investors has increased to spend on such things which are available only and only online and are unique. A 10-second video clip is sold for $ 66 million (Rs 48.44 crore). Last year in October 2020, Pablo Rodriguez Frele, an art collector from Miami, spent $ 67,000 (Rs 49.17 lakh) on a 10-second artwork and now sold it for $ 66 million (Rs 48.44 crore) last week. In this computer-generated video, Donald Trump is shown falling on the ground and there are many slogans on his body.
The video has been produced by a digital artist Beeple whose real name is Mike Winkleman. The video was authenticated by the blockchain which is a kind of digital signature and certifies who owns it and is not a copy of anyone.
New type of digital asset is NFT
This video is a new type of digital asset called Non-Fungible Token (NFT). This type of asset is authenticated through blockchain technology while it is unique while other types of online objects can be created any number of times. Frelle said that its specialty is that you can take a picture of Monalisa painting but it will not have any value because it will not have its origin or work history.
Non-fungible means assets that cannot be exchanged and each asset is unique in itself, while dollars, stocks or gold bars can be placed under fungible assets. NFT covers a piece of land from digital artworks and sports cards to virtual environments. Apart from this, exclusive use of the name of cryptocurrency wallet also comes under NXT.
Growing trend towards NFT
According to NFC, a marketplace of NXT, sales of NXT are increasing and in February last month it also crossed the level of $ 8.63 million, while NFT was worth $ 8 million (Rs 633.32 crore) in January. A year ago this figure was only 1.5 million dollars (11 crore rupees). According to OpenC co-founder Alex Atla, if you spend 8-10 hours every day on a computer, then digital art is in a big role because it is a whole world.
Auctions for another art of Beeple
Auction house Christie is selling its first digital art. It is a collage of 500 pictures and it has also been prepared by Beeple which agrees as NXT ie it is unique and cannot be exchanged. Till now it has bid up to 3 million dollars (22 crore rupees) and its sale will be on 11 March. According to Noah Davis, an expert at Christie’s, more than a hundred bids have been made from 21 bidders within the first 10 minutes of the auction. According to Davis, the payment for this will be taken in Traditional Currency or Digital Coin Ether.