What an NFT can be varies widely. Beeple, the digital artist whose real name is Mike Winkelmann, made headlines when an NFT he created called “Everydays — the First 5,000 Days” sold for $69 million at a Christie’s online auction in March. The NFT was a collection of 5,000 images he had already posted online, beginning in 2007.
Among the most widely known NFTs is the National Basketball Association’s Top Shot NFTs — essentially an NFT of a single highlight or multiple ones. Their prices range widely. A pack of NFTs can sell for around $20, while an NFT of LeBron James doing a reverse dunk as a tribute to a famous dunk by Kobe Bryant, who died in 2020, sold for $387,000. And it wasn’t even the only one. (It was No. 3 of 59 in an NFT series of the dunk.)
“NFTs are an asset class like fine art,” said Alex Tapscott, managing director of Ninepoint Partners’ Digital Asset Group. “They’re newer, so they’re riskier, but ultimately they’re still an asset. People buy them with the expectation that they can sell them for more.”
There are certainly people who are bullish on the tokens.
Chris Ciobanica, a cryptocurrency investor better known as Silver Surfer, began buying NFTs last summer. He said he had amassed over $10 million worth of these digital images, most of them linked to physical artworks. (His wealth from crypto investments is many times that amount, said Mr. Ciobanica, a former tech system administrator, but he declined to be more specific.)
“I don’t see NFTs as collectibles like baseball cards,” he said. “I see them as these rare digital artworks. They’re just a different form from what you’d see in traditional art.”
Article source: https://www.nytimes.com/2021/07/23/your-money/nft-art-lebron-james-damien-hirst.html
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