Featuring a 24-minute WAV file recording a sexual encounter between the pair, NFT, which sold for 10 ether in nine hours, also came with a signed vinyl version of the album. Capitalising on the NFT craze, DJ and producer Steve Aoki released an 11-piece digital art collection, called "Dreamcatcher", with German 3D illustrator Antoni Tudisco. There is also much discussion about the massive use of electricity and the environmental impact of NFTs. Although the future of NFT pricing and its long-term role in the art world remains unknown, and many see it as a speculative fad, the Beeple's eight-figure price tag has suddenly made the art world take notice.
NFTs make it possible to buy and sell ownership of unique digital objects and track who owns them using the blockchain. To celebrate the 10th birthday of Nyan Cat, an animated gif of a Pop Tart-bodied cat flying through space, followed by a streaming rainbow, creator Chris Torres turned the meme into an NFT and auctioned it off. Also in the press release, Oliver Barker, president of Sotheby's Europe, added: "Although the source code for the website itself is a digital artefact that has been around since 1990, it was not until the advent of NFTs that something like this could be harnessed for sale. NFTs, or non-fungible tokens, are unique files that live on a blockchain and are able to verify ownership of a digital artwork.
While buying NFTs can be a high-risk investment, there is a good chance they will be worth much more in the future. But unlike typical NFTs, half of the furniture renderings will actually be manufactured, turning the designs into physical objects that the buyer can incorporate into their home decor. NFTs, or non-fungible tokens, are unique digital assets, including jpegs and video clips, that are represented by a code recorded on the blockchain, a decentralised digital ledger that documents transactions. As Bloomberg noted, when Sundaresan revealed himself as Beeple's eight-figure NFT buyer, some speculated that it was to drive up the price of his own NFT collection.
Some people who had claimed free NFTs before they rose in popularity have been able to sell them for a fortune at a later date.