The auction house stated that the blockchain token representing the original source code of the World Wide Web was written by its inventor Tim Berners-Lee and was sold at Sotheby’s online auction on Wednesday for $5.4 million ( It was sold at a price of about 400 million rupees.
The source code is sold in the form of a non-fungible token (NFT)-an encrypted asset that records the ownership of digital items.
NFT was created by British scientist Berners-Lee in 2021, and represents the ownership of various digital items since he invented the World Wide Web in 1989.
To be sure, the World Wide Web itself has not been sold. What is sold is a blockchain-based document ownership record, which contains the original source code of the World Wide Web. The final price was US$5,434,500 (approximately Rs 6.25 crore), and half of the bidders were new buyers from Sotheby’s.
The World Wide Web or “World Wide Web” is a system used to navigate and access information on the Internet.
NFT is considered valuable by some people because the blockchain proves that it is unique and was formally created or “casted” by Berners-Lee himself.
“Symbolism, history, and the fact that they came from their creators make them valuable – and many people collect things for these reasons,” said Cassandra Hatton, head of global science and popular culture. Sotheby’s.
“We put it on a public forum, we basically have no reserve price to sell it (tenders start at $1,000 (approximately 74,000 rupees)), and we let the market decide what the value will be. There are multiple bidders and everyone agrees Very valuable.”
The purchase includes an NFT representing approximately 9,555 lines of code written from 1990 to 1991, a 30-minute animated visualization of the code, a digital poster of the code, and a digital letter written by Berners-Lee in June 2021, reflecting his invention.
The letter begins with: “Because people seem to like autographed books, now that we have NFT technology, I think it would be interesting to make an autographed copy of the first web browser’s original code.”
This auction is the latest in a series of measures taken by traditional auctions to embrace blockchain-based assets, which will be very popular in early 2021.
In March, the digital collage NFT of American artist Beeple was sold for US$69.3 million (approximately Rs. 51.549 crore) at Christie’s auction. This was the first auction of a non-existent artwork by a large auction house. Twitter boss Jack Dorsey sold his first tweet as an NFT for US$2.9 million (approximately Rs 21.57 crore).
© Thomson Reuters 2021