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First-ever NFT sells for $1.47 mn at auction
NFT exchanges take place in cryptocurrencies such as bitcoin on specialist sites. Traditional auction houses are seeking to capitalize on the phenomenon.
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A visitor looks at an 'NFT digital artwork' which will be auctionned on May 20 at the Millon Belgique auction house, in Brussels. The Europeans are getting into the NFT act. (AFP/Kenzo Tribouillard)
T
he first non-fungible token (NFT) ever created sold at auction on Thursday for US$1.47 million, Sotheby's said, the latest sale in the technological revolution sweeping the art market.
The auction house also sold a pixelated digital figure known as a CryptoPunk for US$11.7 million, making it the second most expensive NFT to date.
"Quantum," an octagon-shaped animation by New York artist Kevin McCoy, became the first work to be associated with an NFT-type certificate of ownership in May 2014, three years before the term NFT was coined.
Read also: Artists in Bali respond to NFT craze
An NFT is a digital object such as a drawing, animation, piece of music, photo or video with a certificate of authenticity created by the blockchain technology that underlies cryptocurrency. It cannot be forged or otherwise manipulated.
NFT exchanges take place in cryptocurrencies such as bitcoin on specialist sites. Traditional auction houses are seeking to capitalize on the phenomenon.
NFTs currently generate several hundred million dollars in transactions every month.
