A 10-second video clip has just been sold for a whopping Rs 48.4 crore ($6.6 million) in London.
According to a Reuters report, US-based art collector named Pablo Rodriguez-Fraile, a resident of Miami, produced a video last year by spending $67,00 (49.23 lakh). Last week, the same video was sold for Rs 48.4 crore.
The video, a new type of digital asset also known as a non-fungible token (NFT), by digital artist Beeple was authenticated by blockchain. Blockchain technology allows items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced.
The video shows former US president Donald Trump lying on the ground and his body covered in slogans, while people walk past it.
‘Non-fungible’ refers to items that cannot be exchanged on a like-for-like basis, as each one is unique – in contrast to ‘fungible’ assets like dollars, stocks or bars of gold.
According to a report published in the ‘New York Times’, blockchain technology has the potential to affect eco-systems around the world. Almost all major central banks of the world are doing research on this. This technology is considered as revolutionary for the future economy.
A 10-second video clip sold for $6.6 million: A new type of digital asset known as a non-fungible token (NFT) has exploded in popularity as enthusiasts and investors scramble to spend money on items that only exist online https://t.co/2wrD4iFdkS pic.twitter.com/3St8ERSllo
— Reuters (@Reuters) March 1, 2021
