How did this happen? What is the video? Who made it? What makes it special?
Know everything about the 10-second video clip that got sold for a whopping $6.6 million or Rs 48.2 crores
Original Purchase
In October 2020, Pablo Rodriguez-Fraile, a Miami-based art collector purchased a 10-second video artwork that he could have simply watched for free. The collector paid $67,000 (approximately Rs 49 lakhs) for the video, reports Reuters. The video was created by digital artist Mike Winkelmann who goes by the name Beeple.
Sold for Rs 48.2 Crores
Last week, the 10-second video clip was sold for a hefty price of $6.6 million (approx Rs 48.2 crores).
What's Special About The Video
The video sold by Rodriguez-Fraile is a digitally generated video where a giant Donald Trump is lying on the floor with slogans written all over his naked body and people passing by. The video clip is authenticated by blockchain which states whom the video belongs to and that is an original piece of work. Unlike traditional methods, the work can't be reproduced. The use of technology in Blockchain makes the item one-of-a-kind and publicly authentic.
Non-fungible Token (NFT)
Sharing the video on Twitter, Reuter wrote, "A 10-second video clip sold for $6.6 million: A new type of digital asset known as a non-fungible token (NFT) has exploded in popularity as enthusiasts and investors scramble to spend money on items that only exist online.”
The video is a new type of digital asset known as a non-fungible token (NFT), by digital artist Beeple. NFT has become enormously popular among people as they want to purchase and own items that are exclusively available only online.
Explaining the NFT the report states, “Non-fungible” refers to items that cannot be exchanged on a like-for-like basis, as each one is unique – in contrast to “fungible” assets like dollars, stocks or bars of gold.
“You can go in the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn’t have any value because it doesn’t have the provenance or the history of the work,” said Rodriguez-Fraile to Reuters, who said he first bought US-based artist Beeple’s piece.
The NFT Craze
Recently, sales of non-fungible tokens have seen a huge hike. In the past few months, some pieces have got sold for millions of dollars apiece, contributing to a crypto-art market that's valued at over $100 million, as per Business Insider.
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Even Elon Musk's partner, Grimes launched a digital crypto art collection titled "WarNymph" on Sunday. The singer sold 10 NFT within 20 minutes earning $5.8 million (approx Rs 42,74,30,250 crores) from the collection. The last piece of the collection was sold on Monday.
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