'Time is money': $ 6.6 million in 10-second video

'Time is money': $ 6.6 million in 10-second video

...

In the United States, cryptocurrency investor and mathematician Pablo Rodriguez-Fraile sold a 10-second video verified by "blockchain," a new step in his art collection and art's meeting with the digital world, for a record price of 6.6 million.

As the world goes digital, interest in the crypto art market is growing day by day. Pablo Rodriguez-Fraile, a 32-year-old cryptocurrency investor and mathematician living in New York, United States, sold a 10-second video called Crossroads for $ 6.6 million, which he bought in October for $ 67k.

The video, which sold for a record price, was created by Instagram artist Mike Winkelmann, 39, known as Beeple as an artistic interpretation of the 2020 US election.

SUCH WORKS ARE CALLED NFT

The video was confirmed by the “blockchain”, known as a new step in the meeting of art with the digital world. On the other hand, these types of artifacts that create a new type of digital entity are known as ‘non-fungible token-NFT’.

Monthly sales of the OpenSea platform, a free-market environment for NFTS, reached $ 86.3 million in February.

WHAT IS NFT?

Unlike dollars, Stocks, bitcoin or gold bars, which are changeable assets, ‘non-changeable’ NFT assets refer to unique and unique items each. Bitcoin in your hand means the same value as bitcoin in someone else's hand.

But consider that each bitcoin is of different value. Then it ceases to be a unit and a means of transfer. That's the state of the NFT. Although there may be many of the same things, the authenticity and ownership of one of them can be known for sure. Examples of NFT include digital artwork, sports cards, virtual land pieces found as domain names and IP addresses on the internet, or wallet names used for a cryptocurrency.

For More Blogs:Nftdigitalvideos.com