The US$69 million hammer fall is not a staggering amount in the fine arts auction world, but the context of this sale represents a giant problem solver and a windfall for creators.
It’s concept is so simple that it’s been readily ignored. The prices are making people pay attention. Where some people see a mania and a fad, others see a new way of doing industry. I am in that second category. I believe in NFT.
The Internet is a giant photocopier. When you transact and browse on the web, you are looking at copies of pages and data stored on a server and duplicated readily for mass engagement and consumption. In the art and media worlds, it has always been easy to rip content and steal ideas, and the people who do the work don’t get paid.
Blockchain verification enables immutable proof of existence. That equates to massive increases in valuation in a time when there is readily available swarms of cash for novel ideas.