James Bowden and Edward Thomas Jones have been examining the emerging world of NFTs and find substance beyond the hype.
Sotheby’s has become the latest establishment name in art to dive into NFTs (non-fungible tokens) through its collaboration with anonymous digital artist Pak and NFT marketplace Nifty Gateway.
The auction house sold The Fungible Collection, a “novel collection of digital art redefining our understanding of value”, for more than US$17 million (£12 million).
Some pieces, such as “The Switch”, a monochrome 3D construction that is going to be changed by the artist at some unspecified moment in the future, received bids well in excess of US$1 million.
For the uninitiated, NFTs are tokenised versions of assets that can be traded on a blockchain, the digital ledger technology behind cryptocurrencies like bitcoin and ethereum. Whereas one bitcoin is directly interchangeable with another, meaning they are fungible, NFTs are the opposite because the underlying assets are... Keep reading on The Conversation.