The 10-second YouTube-video sold for $6.6 million. What’s wrong with it?

Every second of the original video cost the new owner $660,000. At the same time, the price of the work was not affected by exclusivity: anyone can watch the video on YouTube without paying a penny.

YouTube video

We are talking about the work of a digital artist under the nickname BEEPLE. The video shows the figure of former US President Donald Trump lying in the background, covered with various slogans and people passing by. The 10-second artwork was authenticated by the blockchain, which serves as a digital signature to confirm the identity of the owner and indicates the authenticity of the original.

Such videos are a new type of digital asset known as a non-exchangeable token (NFT). Blockchain technology allows you to publicly authenticate items as one-of-a-kind. The popularity of this kind of art has skyrocketed during the pandemic — enthusiasts and investors are trying to spend huge amounts of money on items that only exist online.

NFT Blockchain OpenSea

In total, over the past five months, up to one hundred thousand customers have used the services of OpenSea, a trading platform for NFT, and the total sales amount was about $250 million.

Anton Berg

Written by Anton Berg

Editor-in-chief of the website since 2012.
Two higher educations: programming and economics.
Inquisitive person with extensive knowledge in various fields. Erudite person.
Supervises all the materials of the site. Dives deeply into each of the various sections of the site.

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