What Are NFTs, Anyway? One Just Sold for $69 Million.

Artist Mike Winkelmann, also known as Biplab, has just sold an NXT Record-breaking $ 69.3 million, the third-largest price achieved by a living artist. At Christie’s, sales for purely digital work were the strongest signal yet that NXT, or “ineffective tokens,” has taken the art market by storm, making the leap from specialist websites to major auction houses. Biplub, a newcomer to the world of fine arts who heard about NXT five months ago, is the most high-profile artist to benefit from the huge boom in sales of these much-hyped but poorly understood items.

If you have heard of them and want to know what the nuisance is about, see here.

NXT is a property verified using blockchain technology, in which a network of computers records transactions and gives proof of authenticity and ownership to buyers. The current boom is mostly for digital assets, including pictures, GIFs, songs, or videos. Most importantly, NXT makes digital artifacts unique, and therefore salable.

Now, artists, musicians, influencers and sports franchises are using NXT to monetize digital goods that have previously been cheap or free. Technology also increasingly responds to the art world’s need for authentication and provenance in the digital world, permanently connecting a digital file to its creator.

Winkelmann sold the artwork himself through Christie.

Technology for NXT has been around since mid-2010, but has gone mainstream in late 2017 Cryptocurrencies A site that allowed people to buy and “breed” limited-edition digital cats with cryptocurrencies.

Now, with cryptocurrency prices reaching record highs, some investors who speculate on them are buying and trading NXT, often for eyeball prices. Beeple is the most high profile artist to make huge sales, but now a lot of illustrators, videos and graphic artists are working at high prices.

like. The buyer of NXT is not required to acquire copyright, or even have access to only one work. (Many will be available to anyone with an internet connection.) But some people are willing to pay handsomely, to be able to claim ownership. “Really the real thing.”

In fact, the art world is familiar with this style of sales. To take one example, one could put a banana tape on the wall, but it would not belong to Maurizio Catalan.Comedian“Similarly, anyone can easily create a digital copy of Biplub’s” Everyday – The First 5000 Days “by downloading it through their Internet browser, but even if the content is exactly the same, they themselves without blockchain verification Will not be able to create artwork.

according to NXT Report 2020, Published by L’Atelier BNP Paribas and Nonfungible.com, the value of the NFT market rose 299 percent in 2020, when it was valued at more than $ 250 million. But the first few months of 2021 have already seen astonishing sales from this auction.

It was the first purely digital NXT. The first NXT auction house was sold A token certifies a physical painting, Robert Alice’s “Block 21” series “Portraits of a Mind.”

Biplub’s work has been compared to KAWS or Banky, who has sold two other artists to art-world gatekeepers who set up huge sales prices. But ultimately, NXT is a technique used to authenticate an artwork; It is up to the viewer to determine whether a work is art or not. Technology can also be used to authenticate other types of objects. Twitter co-founder and CEO Jack Dorsey is currently selling his first tweet as NXT Auction of Timely Donations. The bid had reached $ 2.5 million as of Thursday.

Erin Griffith contributed reporting.

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