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Explanatory. What is all this about for NFTs?

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LONDON (AP) – A digital artwork that changed cryptocurrency technology to make it unique sold at auction this week for almost $ 70 million. The deal became a global title, sparking growing interest in these types of digital objects, known as non-spotted symbols or NFTs, which have caught the attention of artists and collectors.


In economics jargon, the convertible symbol is active and can be exchanged on a one-to-one basis. Think dollars or bitcoins. Each has the exact same value և can be sold freely. An unpleasant object, in contrast, has its own special value, like an old house or a classic car.

Go through this concept with cryptocurrency technology known as blockchain և get NFT. These are effective digital certificates that can be attached to digital art or just about anything else that comes in digital form: audio files, videos, animated tags, this article you are reading.

NFTs verify ownership of an item by recording the details on a digital calculation known as a blockchain, which is publicly stored on computers over the Internet, making it virtually impossible to destroy or lose.

These characters are currently white in the collecting world, where they are used to solve a potential problem for digital collections. How to claim mastery of something that is easily եր duplicated.


Of course, anyone can download a copy of Beeple art from their social media feed, print it or hang it on the wall. Just like you can take a picture of the Mona Lisa in the Louvre or buy a print from a museum gift shop. But that does not mean that these original works of art belong to you.

One of the purposes of NFTs is that they can be used to trace the digital origin of an object, allowing a select few to prove ownership. In a broader sense, it is a way to create scarcity, albeit artificial, so that you can sell something at a higher price due to its scarcity.

“All the time, money and effort you put into your digital life can add value to that,” said Andrew Steinold, Chicago Fund Manager, who founded the NFT in 2019. “You have property rights in the physical world. Why don’t we own property in the digital world? ”


Beeple is an American digital artist, whose real name is Mike Winkelman, based in South Carolina. For the past 13 years, he has been creating digital sketches every day using 3D tools. Christie’s auction house calls her work “abstract, fantastic, grotesque or absurd” and has gained 1.9 million followers on Instagram. In December, his first major art auction grossed $ 3.5 million, an impressive amount that surpassed this week’s record daily sales of “Every Day. The first 5,000 days, for almost $ 70 million.

TODAY Who sells NFTs?

Star Trek’s William Shatner sold 90,000 virtual business cards last year for $ 1 each. Last month, electronic musician Grimes sold $ 6 million worth of his digital art, including a video featuring magical cherubs swimming in pastel-themed $ 389,000 videos. NBA star LeBron James dunking videos sell for $ 225,000. Actress Lindsay Lohan has sold a picture of her face. You can also buy virtual land in video games and meme characters like Nem Cat.

Digital artist Anne Spalter started out as an NFT skeptic, but now sells a lot of paintings using signs. The latest was the “Dark Castles” video, one of the mysteriously distorted castles created by artificial intelligence technology, which sold for $ 2,752.

“NFTs have opened the door to art for a whole group of people who would never go to a New York gallery,” said Spalter, who ran digital art classes at Brown University and Rhode Island School of Design in the 1990s. “They are investors, they are technology entrepreneurs, they are in that world.”


AP technology writer Matt O’Brien participated in this report from Providence, Rhode Island. For all AP technical coverage, visit https://apnews.com/apf-technology

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