A piece of virtual artwork just sold for a staggering 605 Ethereum (ETH) worth about $761,000.
— CryptoPunks Bot (@cryptopunksbot) January 23, 2021
The collectibles are one-of-a-kind and each is backed by a non-fungible token (NFT).
NFTs feature identifying data in their smart contracts that make each one unique, which means that one NFT cannot be directly replaced by another and no two are alike.
FlamingoDAO says it believes NFTs are in the early stages of a digital proof-of-ownership revolution.
“As the saying goes, ‘culture is currency.’ Blockchains aren’t just about decentralized finance. They are poised to transform culture and serve as an anchor for the first generation of digital online property (seriously, check this out if you haven’t yet). Using blockchain and smart contracts, we can define and digitally enforce metes and boundaries, creating what are – in effect – digital property rights. These digital properties do not depend on centralized, antiquated record-keeping systems; they rely on the power of distributed networks, cryptography, and math.
The spread of digital property rights across the Internet is just beginning, through the use of non-fungible tokens (or NFTs for short).”