Author name: @nobumei (https://twitter.com/nobu_mei)
<aside> đĄ This page describes the NFT.
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In the previous chapter, we touched on Stablecoin. In this chapter, we will touch on NFT, a buzzword that we are seeing more and more in the news.
In March 2021, Mr. beeple's work "The First 5000 Days" sold for over $69.3 million at Christie's, a well-established art auction house. This news was picked up by the media and became the talk of the town as the highest price ever paid for a digital painting, sparking the NFT boom.
Reference1: "EVERYDAYS: THE FIRST 5000 DAYS" has sold at auction for an incredible $69,346,250 USD Reference2: Beeple NFT Fetches Record-Breaking $69 Million in Christieâs Sale
Beeple has been creating a piece of art every day for over 10 years, and this is a collage of his 5,000 days of work side by side. Beeple's work is unique because it is a one-of-a-kind piece that represents the characteristics of the artist, and because it is NFT, proving that this piece is one-of-a-kind. The price is so high because it is a one-of-a-kind piece that is unique to beeple, and because it has proven to be NFT and one-of-a-kind.
BeepleăEverydays - The First 5000 Days (Source = Christie's website)
In the first half of 2021, famous artists began to sell NFTs, starting with Mr. beeple's NFT sales, and they were selling at spectacularly high prices. The works of Banksy, a famous anonymous artist, also appeared in NFT form, but because they were anonymous, fakes appeared first, and the fakes sold for higher prices. I think this is a good example of the chaos that existed in the early days of NFT.
Reference1: NFT market top signal? Fake Banksy nets over $1 million in ETH from NFT sales Reference2: âI canât believe you morons actually buy this shitâ: Banksy art burned and tokenized
While it may be understandable that artwork can be bought and sold for high prices, CryptoPunks, a 24Ă24 dot painting that anyone could draw, sold for $11.8M, which was also very popular.
Reference1: Rare âAlienâ CryptoPunk fetches $11.8 million in Sothebyâs auction Reference2: https://www.larvalabs.com/cryptopunks
CryptoPunks Sold for $11.8 M
CryptoPunks' NFTs are a series of 24 x 24 dot NFTs automatically generated by AI. 10,000 NFTs with various looks have been issued, and the rarer the look, the higher the price. Punks, which sold for $11.8M, is one of only 9 out of 10,000 NFTs with the attribute of "alien," and sold for a high price because of its rarity.
The dot picture of CryptoPunks themselves are not that valuable, but the NFT series is said to be the first NFT project issued on Ethereum. By referring to the blockchain, we can see the timeline so we can know which is the oldest NFT. The history of the blockchain is still young, but CryptoPunks will eventually become NFTs with historical value, just as the first mural painted by mankind has historical value.
Highly traded and historically valuable, CryptoPunks is one of the most well-known NFTs; there is no one familiar with NFTs who has not heard of Punks. And owning an NFT is a title that shows that you are an innovator who recognized the potential of NFTs early on and had the foresight to be a visionary, earning you respect in the NFT community. This is similar to owning a Rolex or a Lamborghini, which are symbols of wealth in the real world, and people around you think you are "awesomeâ.
One example of NFT is the case of the first Tweet by the founder of Twitter that was sold for $3 million, which may have been a bad case that makes NFT difficult to explain.
As a centralized service, the NFT does not make Tweets on Twitter itself available for sale; a Tweet is data stored in a DB, data that would be lost if Twitter shut down its service.
The Tweet NFT was just a meme NFT created as a joke by smart geeks who understood NFT well, and it was sold to the highest bidder for the fun of it. The Tweet itself was not worth $3 million, but the NFT represented a festival of geeks who thought "wouldn't it be fun to make a Tweet into an NFT?