(non-fungible tokens) enter digital, Blockchain space
trading cards (Baseball, boxing, wrestling all the
rage); Art, digital art follows trend
text advertisement here from as little as $100USD
per 12 months
digital-only artwork has sold at Christie's auction
house for an eye-watering $69m (£50m) - but
the winning bidder will not receive a sculpture, painting
or even a print.
they get a unique digital token known as an NFT.
Bitcoin was hailed as the digital answer to currency,
NFTs are now being touted as the digital answer to
there are plenty of sceptics who think it is all a
bubble that is going to burst.
is an NFT?
stands for non-fungible token.
economics, a fungible asset is something with units
that can be readily interchanged - like money.
money, you can swap a £10 note for two £5
notes and it will have the same value.
if something is non-fungible, this is impossible -
it means it has unique properties so it cannot be
interchanged with something else.
could be a house, or a painting such as the Mona Lisa,
which is one of a kind. You can take a photo of the
painting or buy a print but there will only ever be
the one original painting.
are "one-of-a-kind" assets in the digital
world that can be bought and sold like any other piece
of property, but they have no tangible form of their
digital tokens can be thought of as certificates of
ownership for virtual or physical assets.
do NFTs work?
works of art such as paintings are valuable because
they are one of a kind.
digital files can be easily and endlessly duplicated.
NFTs, artwork can be "tokenised" to create
a digital certificate of ownership that can be bought
with crypto-currency, a record of who owns what is
stored on a shared ledger known as the blockchain.
records cannot be forged because the ledger is maintained
by thousands of computers around the world.
can also contain smart contracts that may give the
artist, for example, a cut of any future sale of the
stopping people copying the digital art?
Millions of people have seen Beeple's art that sold
for $69m and the image has been copied and shared
many cases, the artist even retains the copyright
ownership of their work, so they can continue to produce
and sell copies.
the buyer of the NFT owns a "token" that
proves they own the "original" work.
people compare it to buying an autographed print.
are paying millions of dollars for tokens?
Yes. It's as wild as it sounds.
much are NFTs worth?
theory, anybody can tokenise their work to sell as
an NFT but interest has been fuelled by recent headlines
of multi-million-dollar sales.
19 February, an animated Gif of Nyan Cat - a 2011
meme of a flying pop-tart cat - sold for more than
few weeks later, musician Grimes sold some of her
digital art for more than $6m.
is not just art that is tokenised and sold. Twitter's
founder Jack Dorsey has promoted an NFT of the first-ever
tweet, with bids hitting $2.5m.
sale of an NFT by digital artist Beeple for $69m (£50m)
set a new record for digital art.
as with crypto-currencies, there are concerns about
the environmental impact of maintaining the blockchain.
this just a bubble?
day before his record-breaking auction, Beeple - whose
real name is Mike Winkelmann - told the BBC: "I
actually do think there will be a bubble, to be quite
I think we could be in that bubble right now."
are even more sceptical.
Gerard, author of Attack of the 50-foot Blockchain,
said he saw NFTs as buying "official collectables",
similar to trading cards.
are some artists absolutely making bank on this stuff...
it's just that you probably won't," he warned.
people actually selling the NFTs are "crypto-grifters",
same guys who've always been at it, trying to come
up with a new form of worthless magic bean that they
can sell for money."
Christie's auctioneer Charles Allsopp said the concept
of buying NFTs made "no sense".
idea of buying something which isn't there is just
strange," he told the BBC.
think people who invest in it are slight mugs, but
I hope they don't lose their money."
- bitcoin-related stocks tumble in line with currency
- 18th January 2018
slew of blockchain- and bitcoin-related stocks sank
following a steep fall in the price of the cryptocurrency
over the past few days on fears of regulatory clampdowns.
which skyrocketed nearly 2000 per cent last year and
hovered near a peak of $US20,000, slipped below $US10,000
on the Luxembourg-based Bitstamp exchange, adding
to a 20 per cent slump over the last three days.
Korea, Japan and China have all made noises about
a regulatory swoop, and officials in France and the
United States have vowed to investigate cryptocurrencies.
of Riot Blockchain, Marathon Patent , Longfin Corp,
Long Blockchain Corp and Social Reality Inc all fell
more than 10 per cent.
number of these companies have changed their names
and shifted their focus to cash in on the cryptocurrency
Blockchain, formerly a biotech company called Bioptix,
shifted focus to become an investor in blockchain
Blockchain was called Long Island Iced Tea Corp as
recently as last month before it announced a change
in its primary business strategy to blockchain technology