It will be fair to say that the NFTs have taken the world by storm. With the rise in the use of NFT’s in the international market, some cases of these digital arts being overpriced are coming to the fore. Tech guru and influencer Marques Brownlee have shared on its Twitter account that an NFT of a single red pixel is selling for $900,000 (₹6.5 Crore).
A single red pixel selling as an NFT for $900,000. Hm. Right. Got it. pic.twitter.com/OM9DidPbA0
— Marques Brownlee (@MKBHD) March 25, 2021
Marques Brownlee is also known as professionally as MKBHD, is an American YouTuber and professional ultimate frisbee player, best known for his technology-focused videos as well as his podcast, Waveform: The MKBHD Podcast.
The name of his YouTube channel is a concatenation of MKB (Brownlee’s initials) and HD (for high-definition)
Last week an Indian-born blockchain entrepreneur and angel investor revealed himself as the mystery buyer who paid a record $69.3 million ( ₹504 crores) for a digital artwork last week, describing his purchase as a shot fired for racial equality.
Programmer Vignesh Sundaresan, who is based in Singapore, said in a blog post on Thursday that he had purchased the most expensive digital artwork ever sold to “show Indians and people of color that they too could be patrons” of the arts.
Around 22 million viewers tuned in to Christies.com on March 11 for the final moments of a bidding process that saw Sundaresan — under the pseudonym Metakovan — win the rights to digital artist Beeple’s “Everydays: The First 5000 Days”.
What are Non – Fungible Tokens(NFT)?
NFT are relatively new types of digital assets that are designed to represent ownership of something that is unique and scarce, whether that be tokenized physical assets, rare digital resources, shares, or practically anything else.
Because NFT is unique, no two are alike, and hence NFT cannot be replaced with another identical token—this is a property known as non-fungibility, and it is enforced by smart contracts that prevent duplication, while publicly visible blockchains allow for provable scarcity.