Photo = REUTERS
Elon Musk, Tesla’s CEO’s girlfriend and Canadian singer Grimes, made $5.8 million (about 6.5 billion won) in the last 20 minutes. Ten points of’digital paintings’ with their own songs as background music on the image of a baby angel protecting Mars were sold out on an online auction. The auction participants were interested in a painting that reminded me of Musk’s dream of traveling to Mars. There is one more reason why these works have attracted attention except that the artist is a’Musk Girlfriend’. It is said that the’Non Fungible Token’ technology, a hot topic in the cryptocurrency industry, has been applied.
Photo = Grimes Twitter
Although NFT uses blockchain technology, it is the same as general cryptocurrency, but is characterized by a separate unique value for each coin. Whatever Bitcoin you buy, the price is the same. However, if NFT is applied, one coin can be distinguished from other coins and the price can be different. This is why the word’impossible to replace’ is attached.
Because of this characteristic, it is increasing its influence in the fields of contents such as pictures, videos, and music. This is because if NFT technology is applied, it is possible to confirm that it is genuine with the original author’s signature. As a buyer, you have a scarce collectible. “The digital collectible known as the NFT is exploding in popularity,” said US economic broadcaster CNBC. “People are spending millions of dollars on digital collectibles, from art to sports cards.” The amount of NFT transactions was $250 million last year (about 280 billion won), four times larger than a year ago.
As NFT-based digital assets are recognized as an investment destination, there are cases of expensive transactions like Grimes’ paintings. The 10-second video created by digital artist Biffle sold for $6.6 million (about 7.5 billion won) on the NFT exchange at the end of last month. An art collector in Florida, USA, bought the work for $67,000 in October last year, and sold it back for 100 times in four months.
American rock band Kings of Leone released a new album using NFT technology earlier this month. The famous Grammy Award-winning bands also gained a record as “the first band to offer a music album in the form of an NFT.”
However, there are warnings that it is abnormal to buy and sell expensive content that has been disclosed to many people through the Internet because it is an original with a digital unique value. Reuters said, “The NFT market is showing a price bubble,” and “If the craze subsides, it can cause huge losses, and it can be a good opportunity only for scammers.”
Reporter Lim Hyun-woo [email protected]
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