NFTs could be the future of art, computer games, and civilization as we know it. Or they could be a mass disturbance that is symptomatic of the moss surrounding cryptocurrencies. NFT’s sales volume jumped to $10.7 billion ($14.2 billion) in the third quarter of 2021, eight times more than the previous quarter, according to market tracker DappRadar.
Each NFT is a cryptographic token, usually registered on the Ethereum blockchain, which represents a piece of digital media. The token is a means of proving that its holder owns the digital original; others may be able to see it, but they can’t “own” it – inasmuch as having your ownership registered on a blockchain means anything. As our cover story explains, they have begun to colonize the art world and are getting into the hot business of computer games.
Our NFT coverage marks when crypto-wealth was first included in the Young Rich list we’ve been publishing since 2003. And yes, you might have noticed that The Economist this week sold its first NFT cover. As we have been working on this project for several weeks, it is a bit annoying to get stung on the pole. But our pain could be your gain! The Economist blanket sold for US$422,000, and we suspect our AFR Magazine coverage will be a comparative affair.
To bid, you will need a wallet containing Ether, the currency used by the Foundation platform. You will also need to connect your wallet to Foundation. The process isn’t too complicated, and as we’ve found, wading through is the best way to learn. Watch for more auction news to come in the coming weeks.