In 2021, auction house Christie's is auctioning off Mike Winkelmann's digital art every day: the first 5,000 days for $69 million. Vignesh Sundaresan is now proud to be the owner of this second most expensive NFT work or irreplaceable token.
Now you may be wondering what is so unique about this digital artwork that everyone wants to buy a million-dollar NFT even when you can own the same digital artwork by downloading it or even taking a screenshot!
Image Source: Google
The answer to your question lies in the concept of NFT. So let's start learning about NFTs, how they work and their future in our world to find the answers to all your questions!
What is a Required Token (NFT)?
Let's take the example of the famous Renaissance masterpiece "The Last Supper" for a better understanding! You can photograph the artwork or purchase a print. But only one original painting by Leonardo da Vinci will ever exist. This is what happened with NFT!
In the digital world, NFTs are unique assets that you can buy and sell like any other property. An unlimited number of digital files, including artwork provided with NFT, can be copied. However, this will not yet be a genuine work of art. As such, NFT is designed to give you something you can't get anywhere else: responsibility for the job.
NFT can refer to digital files such as photos, images, videos, music, avatars in online games, etc. You can compare digital tokens to certificates of ownership for virtual or real assets. The current craze focuses on using technology to sell digital art. The Beeple work mentioned above is a perfect example.