Binance, the world’s largest cryptocurrency exchange, is launching an NFT marketplace

Nonfungible tokens are a type of digital asset designed to represent ownership of rare virtual items

Cryptocurrency exchange Binance revealed plans on Tuesday to introduce its own marketplace where users can create, buy and sell digital collector’s items known as NFTs.

Nonfungible tokens are a type of digital asset. They’re designed to represent ownership of rare virtual items — that could be anything from works of art to sports trading cards like those sold on the popular online basketball collectibles platform NBA Top Shot.

Total sales of these tokens soared to more than $2 billion in the first quarter, according to NonFungible.com, a website that tracks data on NFTs. And that figure doesn’t even account for the record-breaking $69 million NFT sold by digital artist Mike Winkelmann (AKA Beeple) at Christie’s in March.

https://www.cnbc.com/

A digital art just sold for nearly $70 million

NFT piece becomes first sold by major auction house

An artist has netted $US70 million ($90 million) from the landmark sale of a digital artwork that does not exist in physical form. In the first such sale by a major auction house, Christie’s sold the piece titled, Everydays — The First 5000 Days, by American artist Mike Winkelmann, known as Beeple, for $US69.4 million. It is a collage of 5,000 individual images, which were made one-per-day over more than 13 years.

The sale of the work has put Beeple in the top three most valuable living artists, Christie’s said in a tweet. The work is in the form of a new type of digital asset — a Non-Fungible Token (NFT) — meaning it is authenticated by blockchain, which certifies its originality and ownership.

https://www.abc.net.au/