NFT playground for
creative thinkers.
NFTs are currently taking the digital art and collectibles world by storm. Digital artists are seeing their lives change thanks to huge sales to a new crypto-audience. And celebrities are joining in as they spot a new opportunity to connect with fans. But digital art is only one way to use NFTs. Really they can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.
| A close-up of one of the images that make up the collage which Beeple sold
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles, even real estate. They can only have one official owner at a time and they’re secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence.
NFT stands for non-fungible token. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. These things are not interchangeable for other items because they have unique properties.
Fungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties.
What’s the most expensive NFT ever sold?
The most expensive NFT ever sold was the artist Beeple’s Everydays: the First 5000 Days. It was sold to Vignesh Sundaresan for $69.3 million at auction in Christie’s auction house. This was ten times more than any NFT had been sold for at the time. This staggering price tag places it in the top hundred most expensive artworks ever.
Christie’s sale of an NFT by digital artist Beeple for $69m (£50m) set a new record for digital art.
How an NFT Works
