A work by digital artist Mike Winkelmann, better known as “Beeple,” has sold for an astonishing $69 million at world-renowned auction house Christie’s.
The work, titled “The First 5000 Days” was, according to Christie’s, the “first purely digital work of art ever offered by a major auction house.”
NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs etc. NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain.
Critics of the rise of NFTs question the trend and see it as a monetizing hype surrounding digital art. As NFTs allow artists to sell unique pieces of art, digital works can also be sold off as authentic even if they are not.MORE