Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The auction caught wildfire during the last half hour as the auction price for the digital article NFT shot 10x in less than 30 minutes.
Riding on the latest craze around non-fungible tokens (NFTs), New York Times columnist Keven Roose recently sold one of his articles as a digital NFT raising a massive $563,000. Rosse recently published his step-by-step guide on NFT and put it on sale stating “Buy This Column on Blockchain. Why Can’t a Journalist Join the NFT party, too?”
New York Times columnist then went to NFT auction this article on the Foundation Platform raising nearly half-a-million dollars in charity. Typically, the bidding war broke out in the last half hour of the auction from just under $50,000 to the final $562,891 sale. J Ouyang, Facebook veteran and stealth startup founder was among one of the competing candidates. However, the Dubai-based production company 3F Music was the final winner of the bid.
Post this spectacular sale, Rosse has already intimated that a follow-up column shall arrive soon. However, he hasn’t yet disclosed whether it shall be up for sale as well.
However, the official announcement states that the proceeds of this sale shall go completely to the NYT’s The Neediest Cases Fund. Over its 110-year history, the Fund has raised and donated more than $300 million to charity.
Mad Craze around Non-Fungible Tokens (NFTs)
Non-fungible tokens or NFTs have seen a mad rush of investors thereby creating a multi-million dollar marketplace. In recent times, NFTs have been a major rage in the market. Non-fungible tokens (NFTs) are nothing but blockchain-based cryptographic tokens wherein each token is unique from the other.
This makes NFTs special and suitable for representing scarce assets. Over the last few months, NFTs are booming, especially in the digital artwork industry. People are selling their digital artwork for thousands and even millions of dollars. Two weeks back, popular digital artist, Beeple sold his NFT for a massive $69 million sending ripple’s across the crypto space.
The NFT market has also attracted some of the top players and billionaires from the tech space. Last week, Twitter CEO Jack Dorsey sold his first tweet as an NFT for a massive $2.5 million, the proceeds of which shall go for charity. Even Tesla CEO Elon Musk showed some interest in NFT, however, later decided to pull back stating it “doesn’t feel right”.
I logged off for dinner and came back and the bid had jumped to 21 ETH (roughly $33,000). This NFT is now worth significantly more than my car. https://t.co/xgCfsFj67C
— Kevin Roose (@kevinroose) March 25, 2021
NFTs have democratized the ownership of unique creations by giving the creators absolute control over their work. Creators can directly reach out to the market and decide a fair price for it.