OWN DIGITAL ART? YOU CAN MAKE MILLIONS!
NFTs are an unusual idea sweeping through the world of electronic art, allowing people to prove that they own the art. Now, digital artworks that can prove they are one-of-a-kind are being sold for huge amounts of money.
Nyan Cat was a hit YouTube video in 2011. It had catchy music and showed a cat with a PopTart body running and leaving a rainbow trail behind it. The video, and animated gifs (moving pictures) of Nyan Cat can easily be found on the internet. But in February, an animated gif of Nyan Cat was sold for nearly $590,000.
What Does NFT Stand For?
NFT stands for Non-Fungible Token. Something that’s fungible can be replaced with something else just like it. For example, if you owe someone a penny, and you have two ordinary pennies in your pocket, it doesn’t matter which one you give them. Either one will do. The pennies are fungible.
But if one of the pennies is a rare penny from 1943, then it’s special, and it’s non-fungible. You would lose something valuable if you paid your friend back with that penny.
An NFT lets people treat something that can be copied as if it were one-of-a-kind. The NFT doesn’t actually change the thing that’s being sold, but it creates an electronic record proving who owns it. And people are paying a lot of money just to say that they own things.
For example, a picture called “Everydays: The First 5,000 Days” was sold last Thursday. It’s a complicated picture, made of 5,000 other pictures created by Mark Winkelmann, an artist who uses the name “Beeple”. Even though the picture can be found on the internet for free, it was sold at Christie’s Auction House for $69.4 million.