Pablo Rodriguez Freire sold a 10-second video for the $ 6.6 million he bought in October of last year for nearly $ 67,000 that he could watch for free on the Internet.
The video by digital artist Beeple, whose real name is Mike Winkelmann, has been authenticated by blockchain technology and serves as a digital signature to prove who owns it and that it is the original work.
This new type of digital asset is known as the non-exchangeable code NFT, which has spread widely during the Corona pandemic as enthusiasts and investors scramble to spend massive sums of money on items that are online only, according to Al Arabiya Net.
Blockchain technology enables items to be publicly authenticated as unique, unlike traditional online objects that can be reproduced indefinitely.
“You can go to the Louvre and take a picture of the Mona Lisa and you can get it there, but it has no value because it does not contain the origin or history of the work,” Freire said.
The word non-exchangeable refers to items that cannot be exchanged on the basis of likewise, as each element is unique, unlike the exchangeable assets, such as: dollars, stocks or gold bars.
Examples of the non-exchangeable code range from digital artworks and sports cards to plots of land in virtual environments or the exclusive use of the name of a cryptocurrency wallet, similar to the scramble for domain names in the early days of the Internet.
The computer-generated video, which Freire sold, shows what appears to be the giant “Donald Trump” has fallen to the ground, his body covered with slogans.
Non-exchangeable token store OpenSea said it has seen its monthly sales volume grow to $ 86.3 million so far in February compared to $ 8 million in January, and monthly sales reached $ 1.5 million a year ago.
Alex Atallah, co-founder of OpenSea, said: If you spend 10 hours a day on a computer, or eight hours a day in the digital realm, art in the digital world makes a lot of sense because it’s the world.
However, investors are warning that while huge money flows into the non-exchangeable symbol, the market may represent a price bubble.
However, auction house Christie has launched its first digital art sale, a collection of 5,000 photos by Beeple, totaling $ 3 million in bids, and the sale is scheduled to end on March 11th.
And in a decision that could help push cryptocurrencies, the auction house, founded in 1766, accepts payments in the digital currency Ethereum in addition to traditional cash.
– Al Bayan Newspaper (@AlBayanNews) March 4, 2021