Indian entrepreneur Vignesh Sundaresan had purchased a non-fungible token (NFT) called Beeple for $ 69.3 million at an auction.
An NFT is a digital asset that exists on a blockchain, a record of transactions kept on networked computers.
The blockchain serves as a public ledger, allowing anyone to verify the authenticity of the NFT and who it belongs to.
So unlike most digital items which can be reproduced endlessly, each NFT has a unique digital signature, which means it is one of a kind.
However, Sundaresan wants everyone to enjoy the free download of “Everydays: the First 5000 Days”. It is the most expensive NFT in the world.
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Asked about NFT property rights, he said in an interview with Bloomberg: âYou try to have payment walls, you try to do so many things. But even these methods of having information or data inside walled gardens of any kind of security, they haven’t worked very well on the Internet. ”
âIf you have an NFT, I think anyone can benefit from it. But you don’t need everyone to pay for it. There may be a few people who pay for that production, and they get credit for being part of that production. And that’s it, âhe added.
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Negotiated since around 2017, NFTs gained popularity in early 2021. Some attribute the frenzy to blocks forcing people to spend more time at home on the internet.
Like cryptocurrencies, NFTs are largely unregulated. Anyone can create and sell an NFT and there is no guarantee of its value. Losses can accumulate if the hype wears off.
In a market where many participants use pseudonyms, fraud and scams are also a risk.
(With contributions from agencies)