How a 10-second video clip sold for $6.6 million

  • 📰 Reuters
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

United States Headlines News

United States Latest News,United States Headlines

A 10-second video artwork titled ‘CROSSROADS’ was sold for $6.6 million – it is a new type of digital asset known as NFT that has exploded in popularity, with many willing to spend enormous sums of money on items that only exist online

The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.

Examples of NFTs range from digital artworks and sports cards to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet. Investors caution, however, that while big money is flowing into NFTs, the market could represent a price bubble.

The volume is rapidly rising: February has seen sales totalling $198 million as of Friday, heading for a fivefold increase from January’s $44 million, Top Shot said. Pranksy said he has now spent more than $1 million on Top Shot and made about $4.7 million by reselling purchases. Reuters was unable to independently verify the figures, although NBA Top Shot confirmed he is among the site’s biggest buyers.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Which NFT are you investing in this morning ? RampCapitalLLC

Couple of months ago I came across a recommendation about Dennis66536 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation

I am recently in your country, looking for new friends

Ok, I will credit u and chat u later

people have way too much money

new kind of money laundering

Idiots.

As fake as spacs

This can't be good.

NFTs NFTCommunity NFTartists

In case anyone was wondering how that Nigerian Prince chain-letter scam could work in the U.S.

Why was Trump banned?

Couple of months ago I came across a recommendation about Dennis66536 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation

While somewhere in Africa people can't find enough food

OK, so what about this: there is sooo very much money sloshing around in the system, looking for a 'home', and yet inflation is (officially) low. Is this because new markets are springing up to absorb capital, and $ not chasing more finite assets, thereby driving up their price?

Whereas blockchain it is 'unique', in economics that does not imply value, as value is a selection between wants such as food. Intelligently esoterically impermanently monetizable, and this exposes the error.

Two words: Money Laundering

As an artist, you just can not explain the Artworld . 😉

Because they’re laundering money, not because they like the art

Garbage.

Launder

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

10 Shocking Oscar Snubs and Surprises From the Last 10 YearsWith Oscar voting officially underway, members of the Academy are hunkering down and catching up on all the films from this year of extended eligibility. Inarguably the hardest awards season to rea… Amy Adams carried the whole Arrival yet snubbed The Dark Knight still deserved that Oscar for Best Picture and Nolan for Director not mentioning Steve McQueen's 'Shame' with Michael Fassbender and Carey Mulligan's performances makes this list not valid
Source: Variety - 🏆 108. / 63 Read more »

10 Things I Learned After Cutting My Workouts to 10 Minutes a DayI stopped dreading my workouts. Been done this. I find that it works just as good if you choose the right workouts. Work smarter not harder and definitely not longer🙄.
Source: SELFmagazine - 🏆 478. / 51 Read more »

How a 10-second video clip sold for $6.6 millionA crypto collectible has been sold for $6.6 million (Yes, Beeple’s), all part of a boom in NFTs or non-fungible tokens that began in the last month. Confused about what this means? Follow this thread to find out 👇 Crypto collectible art first came to the scene in 2017 with CryptoKitties but really picked up steam this year with more people forced to stay home online I'm very glad that someone thought to approach blockchain ecosystem without accusing its all about money laundry.
Source: trtworld - 🏆 101. / 63 Read more »

How a 10-second video clip sold for $6.6 millionIn October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million. A fool and his money.... Any to spare?
Source: Reuters - 🏆 2. / 97 Read more »

Ryan Murphy Reveals ‘American Horror Story’ Season 10 Official Title With Instagram VideoRyan Murphy has unveiled the title for the latest American Horror Story season. On Friday, Murphy posted a video on Instagram that added another clue to his trial of hints about the upcoming AHS Se… 🥱 AHS: Double Feature, saved you a click.
Source: DEADLINE - 🏆 109. / 63 Read more »