What Is an NFT?

Recently, one of the hottest topics on the internet has been NFTs or non-fungible tokens. Spurred by a sale at the Christie’s auction house, the rise of non-fungible tokens came from the online auction of a collage by artist Beeple. The piece sold for $69m, making it the third most expensive artwork sold by a living artist at auction. However, it was no ordinary art piece, it was entirely digital.

The piece, called “Everydays: The First 5,000 Days” was sold as an NFT, meaning it is a type of digital media stored within a blockchain. The image itself is infinitely reproducible as a JPEG, but the actual NFT is one of a kind, signed digitally by the artist. These tokens can be sold online on websites such as rare.market, allowing artists to auction or sell their art off as a token. For more information on NFTs, we recommend this article.

Image by Beeple

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