Like all white-hot internet phenomena, the excitement around NFTs could easily fizzle out.
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“It is definitely something I’m now spending a good deal of my free time thinking about,” he said. He planned to spread the money he earned around by acquiring some NFTs of his own. Hofmann is still wrapping his head around it all, he said. A Guide to Cryptocurrencyįifteen bids later, he learned exactly how much: 8.77 Ethereum coins, or $17,198.15. He’s active in a WhatsApp chat called Chad Team 6, where a group of well-known D.J.s share crypto-investing tips. Blau is also a collector, and he has bought 25 pieces of digital art. “There’s this whole new culture of owning digitally native assets,” Mr. Parisella retain the copyright to their work, and even though it can be easily copied and shared, fans have been eager to collect the original, authentic versions.
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Last week, he announced plans to offer a full album as an NFT.Įven though Mr. They have sold more than $1.1 million worth of digital art and music, Mr. He and his art director, Mike Parisella, who goes by the name Slimesunday, began selling unreleased songs with exclusive visual effects. who goes by 3LAU, turned to NFTs after the pandemic halted his touring. And the start of the National Basketball Association season drew people to the league’s new digital trading cards. High-profile NFT releases from Deadmau5, the music producer, and Justin Roiland, the creator of the cartoon “Rick and Morty,” drew attention. As day trading has risen alongside the stock market in the pandemic, investors have looked for riskier and more esoteric places to make money, from sneakers and streetwear to wine and art.Īt the same time, soaring cryptocurrency prices meant more Bitcoin millionaires had money to burn. The market for NFTs began to pick up last year, with more than 222,000 people participating in $250 million worth of sales, quadrupling the volume in 2019, according to, which tracks the market. “A $200 pair of sneakers is, like, $5 in plastic,” Mr. They buy them for their aesthetics and design. But people don’t buy things like sneakers, art or baseball cards for the value of their materials, he and his partner, Ben Horowitz, explained. “A lot of people are cynical about this kind of thing,” said Marc Andreessen, a venture capital investor at Andreessen Horowitz, in a discussion on the social media app Clubhouse this month. And there is uncertainty over the stability of values, since many of the transactions are using cryptocurrencies, which have fluctuated wildly in worth over the last two years.īut true believers remind people that most big things in tech - from Facebook and Airbnb to the internet itself and mobile phones - often start out looking like toys. Many see it as a form of entertainment that mixes gambling, sports card collecting, investing and day trading.Įye-popping NFT sale prices have attracted some of the same confusion and derision that have long haunted the cryptocurrency world, which has struggled to find a good use for its technology beyond currency trading. Others are trying to make a quick buck as cryptocurrency prices surge. Some NFT buyers are collectors and fans who show off what they have bought on social media or screens around their homes. The nascent market for these items reflects a notable, technologically savvy move by creators of digital content to connect financially with their audience and eliminate middlemen. But digital media has not had the same value because it can be easily copied, shared and stolen. People have long attached emotional and aesthetic value to physical goods, like fine art or baseball cards, and have been willing to pay a lot of money for them. This month, the actress Lindsay Lohan sold an image of her face for over $17,000 and, in a nod to cryptocurrencies like Bitcoin, declared, “I believe in a world which is financially decentralized.” It was quickly resold for $57,000. Other digital tokens recently sold include a clip of LeBron James blocking a shot in a Lakers basketball game that went for $100,000 in January and a Twitter post by Mark Cuban, the investor and Dallas Mavericks owner, that went for $952. They’re buying bragging rights and the knowledge that their copy is the “authentic” one. The sale was a new high point in a fast-growing market for ownership rights to digital art, ephemera and media called NFTs, or “ nonfungible tokens.” The buyers are usually not acquiring copyrights, trademarks or even the sole ownership of whatever it is they purchase.
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