Not for cats and giggles, or a digitally encoded version of this epic LeBron James dunk (which sold for $208,000 on Monday), but for more sober and practical uses.Īlso Read: Twitter founder Jack Dorsey's auction of a tweet draws $2 million bid That said, they could very well be the next big thing.

There are also teething issues, too technical to go into here, around the protocols used to create them.It can also be tricky and time-consuming, not to mention energy-intensive, to develop decentralised applications for NFTs.Multi-million dollar trinkets, but trinkets nonetheless. And because humans gonna human, their use is for now largely restricted to creating and selling digital trinkets.For one, most NFTs currently exist on a single blockchain - Ethereum.

It's all happening' on Instagram.īut are NFTs just the latest fad, we hear you ask? They could be. Called Everydays-The First 5000, it comprises, as the name suggests, 5,000 individual images created every day from 2007 to 2021 and posted on Beeple's Instagram.Īn hour after the auction began on Thursday, the price jumped from $100 to $1 million.Īlex Rotter, Christie's head of 20th and 21st century art, was understandably quite excited, writing: '#Beeple leads the way.

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