Sotheby’s stated that the first ever non-fungible token (NFT) was sold at an auction on Thursday for US$1.47 million (approximately 100 million rupees), which is the technological revolution sweeping the art market. The latest auction.
The auction house also sold a pixelated digital figure called CryptoPunk for US$11.7 million (approximately 8.5 billion rupees), making it the second most expensive NFT to date.
Quantum is an octagonal animation created by New York artist Kevin McCoy. It became the first work associated with an NFT-type ownership certificate in May 2014, three years before the creation of the term NFT.
NFT is a digital object, such as drawing, animation, music, photo or video, with a certificate of authenticity created by the blockchain technology based on cryptocurrency. It cannot be forged or otherwise manipulated.
NFT transactions are conducted in cryptocurrencies such as Bitcoin on professional websites. Traditional auction houses are seeking to exploit this phenomenon. At 11 AM US Standard Time on June 11, the price of Bitcoin in India was 2.68 million rupees.
NFT currently generates hundreds of millions of dollars in transactions every month.
CryptoPunk 7523, created by the American company Larva Labs, is a pixelated face reminiscent of video game characters in the 1980s.
It became the second most expensive NFT ever, second only to the digital artwork Everydays by artist Beeple, which sold for US$69.3 million (approximately 5 billion rupees) in March.
After the surge in NFT sales during January and April, the average price and the number of purchases have slowed, leading some experts to speculate that the bubble may end soon.