Source | Daze Digital
From Nyan cats to sex tapes and Beeple, nonfungible tokens are the latest craze taking over the art world – but are they worth the hype?
The buzz came slowly, and then all at once. First it was the Nyan Cat meme, which sold for $590,000. Then it was Grimes selling her artworks. Another $6 million. Next thing you know, an artist called Beeple sells an animated gif of Trump’s naked corpse for $6.6 million, setting a new record for the most expensive piece of digital art ever. Christie’s launches a two-week sale of one of his works. It’s already broken the record again at an unprecedented $69 million. The third-highest auction price achieved for a living artist, after Jeff Koons and David Hockney.
We are, of course, talking about NFTs – nonfungible tokens – the latest craze taking over the art world, and our minds. From niche interest to global obsession, these digital collectibles use blockchain technology to give buyers ownership over a single object such as a digital artwork or photograph. At the time of writing this, Twitter founder Jack Dorsey is auctioning off the world’s first-ever tweet as an NFT and Azealia Banks has sold a sex tape with her artist boyfriend for $17,000. Even Taco Bell is hopping on the hype by selling taco-themed GIFs on NFT marketplace Rarible – because why buy real tacos when you can stare at a simulation of one on your screen?