NFTs Are Booming, But They’re Nothing New in the Art Market

Source | Bloomberg

Tokens backed by digital art may seem weird, but they have a precedent in photography collecting

Donald Trump in the nude, the piece had transformed. Designed to respond to election results, it had morphed into a naked, graffiti-covered Donald Trump lying on a trash-strewn lawn. The price changed, too: Rodriguez-Fraile sold it for $6.6 million. “Obviously, I thought it would take a bit longer” to appreciate in value, says the 32-year-old with an MBA from Columbia, who describes himself as a digital asset investor. “Having said that, funnily enough, I actually think it was a fantastic deal for the buyer.” The work in question is a short video created by Mike Winkelmann, an artist who goes by Beeple. But what Rodriguez-Fraile sold was not an everyday video file. The art is attached to something called a nonfungible token, or NFT. Biden Trump | Beeple

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Acid House | Collectible NFTs

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