A 10 second video clip … to watch that would cost $ 6.6 million!

Art collector Pablo Rodriguez Fraile in October 2020 spent nearly $ 67,000 on artwork in the form of a 10-second video he could watch for free online and sold it last week for 6 , $ 6 million.

The video by digital artist Beeple, real name Mike Winkelmann, has been authenticated by blockchain technology and serves as a digital signature to prove who owns it and that it is the original work.

This new type of digital asset is known as the non-exchangeable token (NFT), which has spread wildly during the pandemic as enthusiasts and investors scramble to spend huge sums of money on articles only online.

Blockchain technology allows objects to be publicly authenticated as unique, unlike traditional online objects which can be reproduced indefinitely.
“You can go to the Louvre and take a picture of the Mona Lisa and you can get it there, but it has no value because it does not contain the origin or the history of the work,” said Freire.

The word non-exchangeable refers to items that cannot be traded on the basis of the same, because each item is unique, unlike exchangeable assets, such as: dollars, stocks or gold bars.

Examples of non-redeemable codes range from digital artwork and sports cards to plots of land in virtual environments or the exclusive use of the name of a cryptocurrency wallet, similar to the name rush. domain in the early days of the Internet.

The computer-generated video, sold by Freire, shows what appears to be the giant “Donald Trump” fell to the ground, his body covered in slogans.
Non-exchangeable token store OpenSea said it saw its monthly sales volume reach $ 86.3 million so far in February, up from $ 8 million in January, and monthly sales reached $ 1.5 million one year ago.

Alex Atallah, co-founder of OpenSea, said: If you spend 10 hours a day on a computer, or eight hours a day in the digital realm, then art in the digital world makes a lot of sense because it’s the world.

However, investors warn that if large amounts of capital are pouring into the non-tradable symbol, the market may represent a price bubble.

However, auction house Christie has launched its first digital art sale, a collection of 5,000 photos of Beeple, totaling $ 3 million in auction, and the sale is expected to close on March 11.

And in a move that could help push cryptocurrency forward, the auction house, founded in 1766, accepts payments in Ethereum digital currency in addition to traditional cash.