Mon. May 16th, 2022

In a Sotheby’s online auction, a non-fungible token of the original code for the World Wide Web sold for $5.4 million.

On Wednesday, the bidding ended at 7 p.m. London time.

For example, a digital asset known as an NFT can be used to show ownership of a unique virtual item, such as an online photograph or video or even sports trading cards. Tim Berners-Lee, a British computer scientist and inventor of the web, created the web NFT.

These files comprise an animated visual representation of Berners-original Lee’s source code; a letter written by Berners-Lee on the code and its creation; and a digital “poster” of the whole code. Berners-Lee will sign them all digitally.

“NFTs, be they artworks or a digital artefact like this, are the latest playful inventions in this world and the most fitting means of ownership that exists,” said Berners-Lee in a statement. It’s an excellent method of preserving a website’s roots.

What do NFTs stand for?

On Wednesday, the Guardian released an interview with Berners-Lee where he appeared to downplay the importance of the NFT auction, which had been criticised for not aligning with web values. However, “I’m not even selling the source code,” he added in his defence. The picture I’m selling is a picture of what the source code would look like if it were put on the wall and signed by me using a Python programme I built myself.

The “This Changed Everything” auction for the NFT began on June 22 with a starting price of $1,000. According to Sotheby’s, the money will go to causes that Berners-Lee and his wife Rosemary Leith are passionate about.

NFTs have recently sold for millions of Dollars

As of March, a Christie’s auction sold an NFT by South Carolina-based graphic designer Beeple for a record-breaking $69 million. He sold his first tweet as an NFT later that month for $2.9 million.

A unusual digital avatar known as a CryptoPunk sold at Sotheby’s earlier this month for more than $11.7 million dollars. Nonfungible, a website that keeps tabs on the market, estimates that total NFT sales were above $2 billion in the first three months of this year.

In recent weeks, sales of digital collectibles have dropped considerably, indicating that the bubble may be collapsing. Overall sales fell from $176 million on May 9 to $8.7 million on June 15, according to Nonfungible. As a result, volumes have returned to their pre-2020 levels.

By Adam

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