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Non-fungible tokens (NFTs), a new kind of digital asset, are fast becoming big business.
OpenSea, a marketplace for NFTs, said it saw its monthly sales volume jump to US $ 86.3 million in February, from US $ 8 million in January, citing blockchain data. Monthly sales reached US $ 1.5 million a year ago.
American rock band Kings of Leon release new album When you see yourself in the form of three non-fungible Friday chips.
Non-fungible tokens are unique digital tokens, similar to ultra-rare collectible cards. The “non-fungible” part of their name means that they cannot be traded for each other. Most non-fungible tokens are part of the Ethereum blockchain.
Kings of Leon, which won three Grammy Awards, drops three non-fungible tokens: a special album with a digital download, enhanced media and limited edition vinyls; a “golden ticket” that promises live performance benefits such as lifetime front row concert seats; and exclusive audiovisual art. All tokens contain artwork designed by Kings of Leon’s longtime creative partner, Night After Night.
Smart contracts and token intelligence are developed by YellowHeart, a company that wants to use blockchain technology to restore value to music and improve direct relationships with fans, Rolling stone reported.
Kings of Leon’s new album will be released normally – on Spotify, iTunes, Apple Music, and Amazon – but the non-fungible token versions available on YellowHeart will be the only product with special perks. The token, priced at US $ 50, includes upgraded media – much like an alternate, moving album cover – as well as a digital download of the music and a limited-edition vinyl. The sale of the album’s non-fungible token begins Friday at 12 p.m. EST and lasts for two weeks. After this time, there will be no more and the non-fungible token becomes an exchangeable collector’s item.
Non-fungible tokens have become popular during the coronavirus pandemic as enthusiasts and investors scramble to spend huge sums of money on items that only exist online.
In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent nearly US $ 67,000 for a 10-second video work that he could have watched for free online. He sold it for $ 6.6 million last week. The video by digital artist Beeple, real name Mike Winkelmann, is a non-fungible token.
It has been authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.
Blockchain technology allows objects to be publicly authenticated as unique, unlike traditional online objects which can be reproduced endlessly.
“You can go to the Louvre and take a picture of the Mona Lisa and you can have it there, but it has no value because it does not have the provenance or the history of the work,” said Rodriguez-Fraile. He first purchased the piece from Beeple because of his knowledge of the US-based artist’s work, he said. Reuters.
“The reality here is that it’s very, very valuable because of who’s behind it.”
Beeple’s computer-generated video shows a giant Donald Trump collapsed to the ground, his body covered in slogans, in an otherwise idyllic setting.
Examples of non-fungible tokens range from digital artwork and sports cards to plots of land in virtual environments or the exclusive use of a cryptocurrency wallet name, similar to the name rush. domain in the early days of the Internet.
“If you spend 10 hours a day on the computer or eight hours a day in the digital realm, then art in the digital realm makes tons of sense – because it’s the world,” said the co- founder of OpenSea, Alex Atallah. Reuters.
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