![]() Other instances of NFT sales have been less spectacular than Beeple’s but still noteworthy. One former Christie’s auctioneer later commented to the BBC that he had difficulty comprehending the very idea of an NFT, saying, “The idea of buying something which isn’t there is just strange.” Beeple himself wondered whether he was simply the beneficiary of a bubble, and the volatility of the cryptocurrency and collectible markets alike shows that the value of an NFT-just as with any other investment-can fall as well as rise. Famously, in March 2021, a digital collage of 5,000 images by the artist known as Beeple (his real name is Mike Winkelmann) was auctioned by Christie’s for $69,346,250 in an online auction viewed by more than 22 million people. That an NFT is attached to an intangible good capable of being viewed or listened to only digitally has not diminished the growing popularity of the form. In 2021 Merriam-Webster, the dictionary publisher (and a subsidiary of Britannica), further solidified the digital asset’s public presence and cultural acceptance by auctioning off for charity an NFT of its new definition of NFT. The first attested use of the acronym NFT dates to 2017 in a tweeted request for a protocol to “tokenize assets.” One such protocol existed as early as 2014, but trading under the acronym NFT did not begin until three years later. Some platforms allow the purchase of NFTs by credit card. ![]() Owners of NFTs can display and sell their assets on digital marketplaces such as OpenSea, Rarible, Mintable, and NBA Top Shot, and usually a digital wallet holding cryptocurrency is necessary for paying related fees. Get a Britannica Premium subscription and gain access to exclusive content. NFTs have become a popular way of offering digital assets as collectibles. Professional sports leagues such as the NBA and NFL have offered game highlights as NFTs, artists and musicians have released their work as NFTs, and even memes can be minted in this digital format. The Ethereum blockchain is most frequently used for NFTs because it easily accommodates the additional information required beyond what is necessary for cryptocurrency, but other blockchains have also adapted to support the form. This database, which stores and locks information in groups (blocks), is heavily encrypted and resistant to forgery and other falsification, and it is the main way that cryptocurrency systems and transactions, for which blockchain technology was originally created, operate. Minting takes the digital asset and, through software known as smart contracts, associates it with identifying information, such as ownership, media location, royalties, and more, and records that information on a decentralized database (operating as a ledger and record-keeper) of digital transactions known as a blockchain. A non-fungible token (NFT) is the digital equivalent of a certification of authenticity for a unique tangible object, and it has undergone a process known as minting. SpaceNext50 Britannica presents SpaceNext50, From the race to the Moon to space stewardship, we explore a wide range of subjects that feed our curiosity about space!Ī quick explainer about authenticity by way of Auguste Rodin.Ĭollectible goods are both fungible and non-fungible, though for obvious reasons a painting such as The Starry Night is worth inestimably more than a mass-produced reproduction of it collectors of fine art dismiss the latter as souvenirs rather than true works of art.Learn about the major environmental problems facing our planet and what can be done about them! Saving Earth Britannica Presents Earth’s To-Do List for the 21st Century.Britannica Beyond We’ve created a new place where questions are at the center of learning.100 Women Britannica celebrates the centennial of the Nineteenth Amendment, highlighting suffragists and history-making politicians.COVID-19 Portal While this global health crisis continues to evolve, it can be useful to look to past pandemics to better understand how to respond today.Student Portal Britannica is the ultimate student resource for key school subjects like history, government, literature, and more.From tech to household and wellness products. Britannica Explains In these videos, Britannica explains a variety of topics and answers frequently asked questions.This Time in History In these videos, find out what happened this month (or any month!) in history.#WTFact Videos In #WTFact Britannica shares some of the most bizarre facts we can find.Demystified Videos In Demystified, Britannica has all the answers to your burning questions.Britannica Classics Check out these retro videos from Encyclopedia Britannica’s archives.
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