They’re not just an art fad – NFTs could change the world

NFTs convert assets into tokens so that they can move around within this system. This has the potential to completely transform markets like property and vehicles, for instance. NFTs could also be part of the solution in resolving issues with land ownership

 
Sotheby’s has become the latest establishment name in art to dive into NFTs (non-fungible tokens) through its collaboration with anonymous digital artist Pak and NFT marketplace Nifty Gateway.

The auction house sold The Fungible Collection, a “novel collection of digital art redefining our understanding of value”, for more than US$17 million (£12 million).

Some pieces, such as “The Switch”, a monochrome 3D construction that is going to be changed by the artist at some unspecified moment in the future, received bids well in excess of US$1 million.

For the uninitiated, NFTs are tokenised versions of assets that can be traded on a blockchain, the digital ledger technology behind cryptocurrencies like bitcoin and ethereum. Whereas one bitcoin is directly interchangeable with another, meaning they are fungible, NFTs are the opposite because the underlying assets are unique in some way and can’t be exchanged like for like.

This uniqueness enabled Christie’s to sell digital artist Beeple’s ‘Everydays‘ NFT in March for an eye-watering US$68 million. For those that don’t have that sort of money, NFTs are also being used for trading collectables like baseball cards and computer gaming items like swords and avatar skins.

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Πηγή: capx.co