Many see it as a form of entertainment that mixes gambling, sports card collecting, investing and day trading.Įye-popping NFT sale prices have attracted some of the same confusion and derision that have long haunted the cryptocurrency world, which has struggled to find a good use for its technology beyond currency trading. Others are trying to make a quick buck as cryptocurrency prices surge. Some NFT buyers are collectors and fans who show off what they have bought on social media or screens around their homes. The nascent market for these items reflects a notable, technologically savvy move by creators of digital content to connect financially with their audience and eliminate middlemen. In an NFT sale, all the computers hooked into a cryptocurrency network record the transaction on a shared ledger, a blockchain, making it part of a permanent public record and serving as a sort of certification of authenticity that cannot be altered or erased. NFTs rely on the technology to designate an official copy of a piece of digital media, allowing artists, musicians, influencers and sports franchises to make money selling digital goods that would otherwise be cheap or free. But digital media has not had the same value because it can be easily copied, shared and stolen.īlockchain technology, which is most often associated with Bitcoin, is changing that. People have long attached emotional and aesthetic value to physical goods, like fine art or baseball cards, and have been willing to pay a lot of money for them. This month, actress Lindsay Lohan sold an image of her face for over $17,000 and, in a nod to cryptocurrencies like Bitcoin, declared, I believe in a world which is financially decentralized. It was quickly resold for $57,000. Other digital tokens recently sold include a clip of LeBron James blocking a shot in a Lakers basketball game that went for $100,000 in January and a Twitter post by Mark Cuban, the investor and Dallas Mavericks owner, that went for $952. Theyre buying bragging rights and the knowledge that their copy is the authentic one. The sale was a new high point in a fast-growing market for ownership rights to digital art, ephemera and media called NFTs, or nonfungible tokens. The buyers are usually not acquiring copyrights, trademarks or even the sole ownership of whatever it is they purchase. I feel like Ive opened the floodgates, he said in an interview Friday. Nyan Cat was sold to a user identified only by a cryptocurrency wallet number. In the final hour of the auction, there was a bidding war. On Thursday, he put a one-of-a-kind version of it up for sale on Foundation, a website for buying and selling digital goods. In the 10 years since Chris Torres created Nyan Cat, an animated flying cat with a Pop-Tart body leaving a rainbow trail, the meme has been viewed and shared across the web hundreds of millions of times. In 2018, 1.5 million people put over $40 million into the digital equivalent of Beanie Babies, CryptoKitties.NEW YORK (NYT NEWS SERVICE). Investors have gambled on digital products like Nyan Cat in the past. In December, the digital artist Beeple sold an NFT art collection for over $3.5 million. On Sunday, a group of 34 digital collectible pieces of art, called CryptoPunks, sold for over $1 million in ETH, according to CoinDesk. Nyan Cat is not the first crypto art to sell for a large sum of money. Torres is also in the process of selling another NFT on the site, this one depicts dogecoin - a meme cryptocurrency that took off in January. "I've seen many good artists get stuck in a bad platform or give away their rights before and I've always been adamant about making sure creators are properly acknowledged for their work." "Most NFT platforms allow the artist to retain their copyright and trademarked work, which I feel is huge for an artist because it lets them keep their creative rights," Torres told Insider. It often indicates a user profile.Ĭrypto art could allow creators to profit off memes Account icon An icon in the shape of a person's head and shoulders.
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