NEW YORK: Sotheby’s and Phillips launched so-called NFT auctions on Monday, a month after Christie’s sold a digital artwork for $69.3 million, as traditional auction houses seek to capitalize on the craze shaking up the art market.
Three months ago, barely anyone had heard of a non-fungible token (NFT), a digital object such as a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology.
But that changed in March when a digital collage by American artist Beeple sold for $69.3 million at Christie’s, setting a new record for an NFT, and the first message posted on Twitter went for $2.9 million.
More than $10 million in NFT transactions are now taking place daily, according to the website DappRadar.
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