The Rise Of NFTs: A New Era In Digital Art And Collectibles

The digital art phenomenon has been swept up by NFTs. For those who don't know yet, NFTs – "non-fungible tokens" – are basically a digital certificate of authenticity that lives on the blockchain. When assigned to something like a piece of digital art, it creates a one-of-a-kind work of art that can be bought, sold, and traded online just like paintings or sculptures. Now, no less an art authority than the Christie's auction house has endorsed NFTs in a big way, presiding over a $69 million sale of a digital image that doesn't even exist in the physical realm.

It's called "Everydays: The First 5,000 Days" by artist Mike Winkelmann, otherwise known as Beeple. This monumental sale price puts him into the echelons of works sold by Picasso. The piece is essentially an omnibus collection of every single piece made by Beeple over the course of 5,000 days, combining the thousands of works into one overarching piece of its own.

"Everydays: The First 5,000 Days" is now the most expensive work of digital art ever made, obliterating the previous record: the $6.6 million "Crossroads," which also happens to be a Beeple piece that sold at that price last month. This gives you an idea of how momentous a period for digital art that last few weeks have been.

NFTs can't be directly exchanged for cash like cryptocurrencies are, but they do have the potential to appreciate on the open art market, just as traditional paintings do. And every time a work of digital art – usually a still image or video, at least so far – is sold, the original artist receives a cut of the proceeds.

The bidding on "Everydays: The First 5,000 Days" started at just one dollar, and reportedly took more than 350 bids to reach the final price of $69.3 million. In another milestone represented by the sale, the price will be paid in Ethereum, the first cryptocurrency of any kind to be accepted in a sale by Christie's.

• What are NFTs? NFTs, or non-fungible tokens, are unique digital assets verified using blockchain technology.
• Significant Sale: The digital artwork "Everydays: The First 5,000 Days" sold for $69 million, showcasing the rising value of digital art.
• Artist Recognition: Beeple joins the ranks of famous artists like Picasso with this historic sale.
• Market Potential: NFTs can appreciate in value, much like traditional art, offering a new avenue for artists and collectors.

As we delve deeper into the world of NFTs and their impact on the art market, it becomes clear that this is just the beginning of a fascinating journey where technology and creativity intersect in unprecedented ways.