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Look zed run nftlorenz yorktimes11/11/2023 ![]() ![]() Most NFTs are built on the Ethereum blockchain, which means they are purchased using ether (ETH), one of the most popular cryptocurrencies alongside bitcoin. Part of the reason there are not more NFT owners is that the process of buying and selling is cumbersome and occasionally risky. Yet, while it is growing fast, the overall community of active NFT buyers and sellers is small by internet standards - still well under 1m people, according to NonFungible’s latest estimates. Total NFT trading on the Ethereum blockchain reached $5.9bn in the third quarter of 2021, according to NonFungible, a data platform - up more than six-fold from the $782m between March and June this year. Today’s most valuable digital artwork collections include “CryptoPunks”, a limited run of 10,000 pixelated images that routinely sell for hundreds of thousands of dollars, sometimes fetching millions, and “Bored Ape Yacht Club”, a troop of 10,000 cartoonish primates, and “Art Blocks”, “generative” works created by algorithm. The iconic works of the early NFT era look rather different to Leonardo da Vinci’s Renaissance masterpiece. Anyone can buy a print of the “Mona Lisa”, but there is only one original hanging in The Louvre (and an NFT can be more than just an artwork, but more on that later). ![]() What bitcoin is to the US dollar, an NFT is to the “Mona Lisa”. While one digital coin is the same as another (or “fungible”), each NFT is a one-off with one certified owner, even if the associated file can be copied. Blockchains are the same basic technology that underpins a range of cryptocurrencies, including bitcoin. Non-fungible tokens use blockchain technology to certify the authenticity and ownership of a specific and unique digital object. When bits, files and pixels can be copied and pasted with a few clicks, analogue concepts such as ownership, originality and access control often go out of the window, as anyone who worked in the music industry during the heyday of streaming service Napster knows. Non-fungible tokens (NFTs) are a new solution to a problem that is as old as the web: the endless replicability of digital information online. Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
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