The first non-fungible token (NFT) ever created was auctioned Thursday for $ 1.47 million (around Rs. 10 crore), said Sotheby’s, the latest sale in the technological revolution sweeping the art market .
The auction house also sold a pixelated digital figure known as CryptoPunk for $ 11.7 million (around Rs. 85 crore), making it the second most expensive NFT to date.
Quantum, an octagon-shaped animation by New York artist Kevin McCoy, became the first work to be associated with an NFT-type certificate of ownership in May 2014, three years before the term NFT was coined.
An NFT is a digital object such as a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by the blockchain technology that underlies cryptocurrency. It cannot be tampered with or otherwise manipulated.
NFT exchanges are made in cryptocurrencies such as Bitcoin on specialized sites. Traditional auction houses are looking to capitalize on the phenomenon. The price of bitcoin in India stood at 26.8 lakhs at 11:00 am IST on June 11.
NFTs currently generate several hundred million dollars in transactions each month.
CryptoPunk 7523, created by the American company Larva Labs, is a pixelated face reminiscent of video game characters from the 1980s.
It becomes the second most expensive NFT of all time, behind digital artwork by artist Beeple Everydays, which Christie’s sold in March for $ 69.3 million (around Rs. 500 crore).
After a sharp increase in NFT sales between January and April, average prices and the number of purchases slowed, leading some experts to speculate that the bubble could end soon.