Saturday, May 18, 2024

The art of investing – non-fungible tokens soar in popularity

Artist Beeple’s Everydays – The First 5000 Days’ NFT Artwork

Courtesy Christie’s Auction House


Art, as they say, is in the eye of the beholder. Apparently, that applies to video files. Take, for instance, the 10-second video artwork purchased by a Miami art collector for $67,000 in October 2020. This past week, he cashed in on his investment, selling it for a tidy $6.6 million. The video is considered an NFT or non-fungible token, meaning it is considered one of a kind, authenticated by blockchain. As Reuters points out,  NFTs, like cryptocurrencies, are surging in popularity with $8 million in sales for January and $86.3 million to the end of February, up from monthly sales of $1.5 million one year ago.

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