Source | Gizmodo
If the acronym “NFT” didn’t already give you a headache, perhaps this news will: artist Mark “Beeple” Winkelmann and Ryan Schreiber, the founder of Pitchfork, are launching a site where people can buy random moments in time as non-fungible tokens on the blockchain.
NFTs are essentially digital watermarks encoded onto a blockchain, the distributed cryptographic technology which is by far most commonly applied to power cryptocurrencies. Those watermarks are used to signify ownership of anything from digital collectibles to moments in NBA history and works of online art, and they commonly suck up absolutely massive amounts of energy to use. Beeple has become somewhat notorious in the art community thanks to his $69 million sale of an NFT of a collage auctioned via Christie’s, both because of the NFT’s environmental impact and its shameless commercialism. Notably, Beeple told the New Yorker he wasn’t “remotely a crypto-purist” and he wouldn’t be affected if “all this fucking NFT stuff went away tomorrow,” while he told Coindesk NFTs were a “bubble.”