A New York Times columnist Sold a Digital article as an NFT For $ 560,000
The New York Times ‘ Keven Roos bought the article for more than $ 560,000. The proceeds will be donated to charities supported by the company, but the point is different. The complete madness of the NFT market.
350 ETH per article
The NFT frenzy continues to intensify every day, as everything that is possible is tested and auctioned on the blockchain as irreplaceable tokens. On Thursday, New York Times tech columnist Keven Roos was able to convert and sell what appears to be the first digital article as an NFT. This success indicates that journalists can also participate in the fast-growing NFT market.
According to the statement, the journalist converted an article titled “Buy this Column on the Blockchain” as a non-exchangeable token to determine whether such content could also be auctioned on the NFT market. “Why can’t a journalist also join the NFT party?” he asked.
Surprisingly, the digital article was bought for 350 Ethereum (ETH) by a collector named Farzin on the NFT trading platform.
Speaking about the sale, Keven Roos said he was “just looking at the monitor and laughing uncontrollably.” The transaction turned out to be more than $ 563,000. The columnist said the funds raised from the NFT article would be donated to charities supported by The New York Times.
Crazy sales in the NFT market
This NFT article isn’t the only digital content that’s gotten a crazy sale. The NFT frenzy has turned a 21-year-old art student into a millionaire.
His work sold for far more than the asking price, so Jonathan Wolfe called his bank. The account manager was baffled, perhaps a little concerned: how did his client, a 21-year-old art student with no apparent source of income, get so much crypt?
A few days earlier, Wolfe had auctioned off one of his digital paintings, titled “Life in My Head,” for 24.43 ETN, the equivalent of $ 55,555. 55. The image drawn on the back of the “Two-way Traffic” sign is a textured gray structure with furrowed brows and two blinking eyes.
He knew that this item would be sold, but he did not expect that for so much.
It was the beginning of March. After the auction, Wolfe’s income skyrocketed. He was caught up in the NFT gold rush, a trend that allowed him to sell art he once posted on Instagram for free for tens of thousands of dollars.
Speaking from his home in Calgary, the student was a little embarrassed to admit his earnings. Instead of voicing the figure out loud, he directed me to a website called cryptoart.io, which tracks the sales of NFT’s most famous artists. According to the site, Wolfe has sold 130 pieces of art since his first sale last October, worth more than $ 1.3 million.
“It’s strange,” the young millionaire admitted. “I am many years ahead of what I wanted to achieve in my old age.”
In a matter of months, the NFT market has filled digital artists with money, upending the conventions of an art world that usually doesn’t attach value to online media. Tokens, which function as digital certificates used to verify the authenticity of a digital item, allow you to distinguish original works from their duplicates, creating a common charm for art collectors. Thanks to their newfound ability to identify original works of art online, buyers are rushing to collect works that they believe will eventually be priced out.
Through online marketplaces, artists no longer need to contact gallery curators or lose revenue when selling a work. Instead, they can set the price of the work at their own discretion, and directly exchange information with buyers. New middlemen, self-appointed marketplaces like Nifty Gateway or SuperRare, earn minimal commissions from thousands of trades while increasing their profits at little cost to artists or resellers.