News

Article mocking the sale of NFT’s for millions gets sold as an NFT for more than $560,000

The New York Times sold a crypto art piece for more than half a million dollars in a 24-hour auction on Thursday. The piece created as a non-fungible token, or NFT, was a part of a project by the publication making light of how people have begun selling art and memes as NFTs for seemingly absurd sums of money, reports Business Insider.

The publication made its NFT a copy of a writer’s column titled “Buy This Column on the Blockchain!” The Times’ tech columnist Kevin Roose presented the NFT as an experiment, after which an anonymous user known online as 3FMusic made the winning bid on The New York Times’ NFT at more than $560,000 worth of ether, a popular cryptocurrency for selling NFTs.

“As I watched these riches change hands, I thought to myself: Why should celebrities, athletes, and artists have all the fun? Why can’t a journalist join the NFT party, too,” Roose wrote in his column.

He put the crypto art piece online at a minimum price of $800 and saw the digital asset triple in value within a matter of hours.

Over the past few months, crypto art pieces have sold for millions of dollars, accounting for over $1 billion in sales, according to data from CryptoSlam. Public figures including artist Grimes and Twitter CEO Jack Dorsey have made millions selling their own digital assets.

The news has come with a rapid rise in the sale of random digital items at exorbitant prices. The Twitter CEO’s first-ever tweet is being sold for $2.9 million, and a JPG by a digital artist creating a new record by being sold for a price of $69 million.

Source: Business Insider

Read More: The first-ever Tweet to be sold could be bought for $2.5 million or more.

Sponsored
Ahsan Zafeer

A digital marketing professional specializing in content-based functional areas - Ahsan Zafeer is driven by a never-ending passion for developing, nurturing, and strategizing key content aspects. He writes extensively on tech, digital marketing, SEO, cybersecurity, and emerging technologies. He also serves as a digital marketing strategist and freelance consultant for globally oriented organizations. He tweets @AhsanZafeer

Share
Published by
Ahsan Zafeer
Tags: NFT

Recent Posts

Garena Free Fire India Launch Rumors: What Fans Need to Know

Reports suggest that Garena Free Fire is set to make a much-anticipated return to India.…

15 hours ago

Albania Bans TikTok for One Year: Here’s the Reason!

The Albanian government has announced a ban on the social media platform TikTok for a…

19 hours ago

Google Pixel 9 Pro vs. 8 Pro: Biggest Upgrades Compared

The launch of Google’s latest Pixel lineup brings an exciting chance to compare the new…

21 hours ago

Azad Kashmir to Host Pakistan’s First Women-Centric Software Technology Park

ISLAMABAD: In February next year, Pakistan is set to launch its first women-focused software technology…

22 hours ago

HEC Reveals Law Admission Test Date for LLB Students

The Law Admission Test (LAT) has been announced by the Higher Education Commission (HEC) of…

22 hours ago

Meta’s WhatsApp to Release New Playback Speed Feature for Videos

Meta's WhatsApp is rolling out a new playback speed feature, allowing users to adjust video…

1 day ago