Christie’s is promoting digital artwork. Kings of Leon are providing their newest album as a collector’s merchandise—on-line. And NBA followers lately drove the worth of a LeBron James highlights video into six figures.
Behind all three: a brand new asset that makes use of the know-how backing cryptocurrencies to create distinctive “non-fungible tokens.” Collectors can use the tokens hooked up to those belongings to confirm the authenticity of all the things from artworks to sports activities highlights.
Bidding for Christie’s first non-fungible token, a digital collage by Mike Winkelmann, hit a record-breaking $69.3 million. The creator of the Nyan Cat meme, which options an animated cartoon cat with a Pop-Tart for a torso, offered an non-fungible token for 300 ether final month, equal to almost $600,000 on the time of sale.
Here’s what you must find out about this new market.