![]() That enables people to encode rules around how a digital asset is used. Rather than just representing a digital asset, they can run code, making them distributed blockchain-based programs. Some people envisage NFTs going beyond simply containing or pointing to collectibles. Ideally, Stephenson would like to see NFTs become an alternative incentive to fund scientific research into plausible ideas that fall through the cracks. ![]() It sold for $24,000, which is around a quarter of the amount he needs to run the more detailed replication study. So he auctioned off a hash of the graphed study results as an NFT via OpenSea. "It looks promising enough based on the results of the study," he says. He ran a rudimentary scientific study with crowdsourced respondents in 2018 to see if a more detailed study was worthwhile. "It didn't get absorbed into a research stream of basic science that would preserve it," he tells us. ![]() The problem is that the incentives just aren't there, he says, which is why so many ideas that might have some grounds for further research are ignored by academia. But $69m for a JPG has a way of capturing the media's attention. They date back to Cryptokitties and beyond, and there are platforms like OpenSea and Nifty Gateway (which sells Beeple's work) making money from them. Winkelman (aka Beeple) embedded his 443,902,761 pixels in one, earning him just shy of 12 cents per pixel.īeeple's is far from the first NFT. Now, people could digitally scrawl whatever they wanted to inside an Ethereum token. In 2018, the Ethereum cryptocurrency community did that with a standard called ERC-721. To replicate that in cryptocurrency, you need to make tokens unique. The dollar would be worth much more, even if the poem itself could be reproduced elsewhere. Now, imagine that Sylvia Plath had written a poem on the dollar bill in your wallet, and you could prove its authenticity. Whether someone gives you this dollar bill or that one doesn't really matter. The value lies in the general price of the asset at the time. It doesn't matter which piece of a bitcoin lands in your wallet. Bitcoins, litecoins, doge, ether, and most of the other hundreds of cryptocurrency tokens out there are fungible, like digital sausage meat. But what is an NFT, exactly, and should you care, or just roll your eyes and go about your business? Three letters and a lot of theoryĪn NFT is a form of cryptocurrency token that has a unique identity. When artist Mike Winkelman sold a JPG embedded into a cryptocurrency token for $69m in Ether (he pocketed $53m of it) jaws hit floors. In the art world this spring, there's just one phrase on everyone's facemasks: the non-fungible token (NFT).
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