Paradox of NFTs: What are people actually paying for?
Monash Lens In March, an NFT attached to digital artwork by a graphic artist known as Beeple (aka Mike Winkelmann) was sold at auction for US$69.3 million. It became the 100th-most-expensive work of art ever to be officially traded, and is in the top three of auction prices for a living artist. Jon McCormack What is an NFT? NFT stands for non-fungible token. “They’re colloquially known as ‘Nifties’,” says artist and researcher Jon McCormack. NFTs are traded using blockchain technology – the same technology that supports cryptocurrencies such as Bitcoin. But where currencies are ...
Source: miragenews.com