NFT Sells for $69 Million
On last week’s Crunch, my colleague and Crunch co-host Shivam talked to Invstrs about a fascinating new technology, non-fungible tokens or NFTs for short. NFT’s are cryptographic assets like Bitcoin stored on blockchains that represent something unique — essentially digital collectibles.
From the digital artwork of Lindsey Lohan to mesmerizing highlights of Lebron James to pieces of virtual property, consumers have a wide range of options to choose from when buying NFT’s. I know what you’re thinking, though — why on Earth would I spend money on a piece of virtual land? It’s not like we can buy a virtual island and step inside of our computer for a quick vacation, so what is the appeal of NFT’s?
Well, when you buy an asset like a stock or a house, you’re buying it because you expect the asset’s price to appreciate — NFT’s work the same way, except each one has a unique code. People buy and sell these unique cryptographic tokens to grow their money or because they are genuinely interested in the NFT.
On Thursday, a piece of digital artwork sold for a whopping $69 million to become the third-most-expensive artwork by a living artist to sell at auction. The artist goes by the name of Beeple, and the image is titled Everyday: The First 5,000 Days — it’s a mosaic of images Beeple has created since 2013. The $69 million price tag is unprecedented, and in just the first eight minutes of bidding, roughly 20 bidders hiked the price up to $1 million.
How much would you pay for a digital version of your favorite artwork.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.