Above: The composite of Beeple that sold for $69.3 million. Courtesy of CHRISITIE’S.
Hands up if this sounds a little familiar… Back in March, between sentences that began with, “Can you believe it’s been a year since COVID began?!” and discussions about that interview, you could hear the faint whisper of three little letters, NFT.
You tried your best to ignore it but it started to become almost unavoidable. Particularly when a piece of digital art sold for an astonishing US$69.3 million at Christie’s. Then Twitter’s CEO Jack Dorsey sold his first-ever tweet as an NFT for US$2.9m, Kate Moss auctioned an NFT of herself, and even Gucci got on the NFT train, selling one inspired by its latest collection. Now, Rupert Murdoch’s Fox has just created a US$100m fund to invest in NFTs, and it’s got people talking about them all over again. Dammit.
What Are They?
In a nutshell, a Non-Fungible Token is like a unit of data in the form of an image, video, song, or even an article. What’s unique about them is they’re a ‘one-of-a-kind’ asset in the digital world. To put it in terms of physical art collecting, anyone can buy a print of the Mona Lisa, but only one person can own the original. Same with an NFT. What to know more? Read the best explanation we’re yet to find.
And How Can You Implement NFTs To Benefit Your Business?
As NFT technology moves into mainstream industry, it will enable businesses to protect value in real-world and virtual objects, from assets and commodities to collectibles and certificates. By the looks of it, at some point NFTS will stop making headlines and instead simply become an accepted but vital part of every day life, much like the historical transition of the internet itself.
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