Million-dollar video clips and computer-generated avatars are no longer just dreams of the future.
This particular new asset, a digital non-fungible token (NFT), is on the periphery of the mainstream.
A few examples, in real life, of how this trend is taking hold:
The video art
Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork, according to a Reuters story. (He could watch it online free of charge.)
Last week, he sold it for $6.6 million.
For approval, blockchain technology authenticated the video (produced by “Beeple” — real name Mike Winkelmann), serving as a digital signature to certify who owns it and that it is the original work.
It’s similar to authenticating signatures on baseball cards.
The photo collages
The auction house Christie’s recently launched its first-ever sale of digital art – a collage of 5,000 pictures, also by Beeple. It exists only as an NFT.
But wait, before you roll your eyes again: Bids hit $3 million; the sale closes March 11.
“We are in a very unknown territory. In the first 10 minutes of bidding we had more than a hundred bids from 21 bidders and we were at a million dollars,” Noah Davis, specialist in post-war and contemporary art at Christie’s, said in a Reuters story.
People love what they love, and the NFT market is driven by demand.
The sports world
Not lost on the craze is the pursuit of sports-gambling revenues.
NBA commissioner Adam Silver’s willingness to lean into technology has helped yield “NBA Top Shot.”