What do you do with a $69 million artwork that doesn’t physically exist?
That’s the question faced by the investor who calls himself Metakovan. He made headlines last month when he bought the digital artwork 'Everydays: The First 5000 Days' by @beeple reut.rs/3swylrF 👇
That’s the question faced by the investor who calls himself Metakovan. He made headlines last month when he bought the digital artwork 'Everydays: The First 5000 Days' by @beeple reut.rs/3swylrF 👇
The work is a non-fungible token – a new type of virtual asset that has its ownership status and authenticity verified by blockchain. NFTs have exploded in popularity in 2021, with prices skyrocketing
Metakovan, whose real name is Vignesh Sundaresan, plans to put the artwork on display in four virtual world environments. He is working with architects to design gallery complexes that the public can enter via web browsers or virtual reality technology
But art is just one part of a new economy of blockchain-based virtual worlds where land, buildings, avatars and even names can be bought and sold as NFTs
In these environments, referred to as the metaverse, people can wander around with friends, visit virtual buildings and attend virtual events. Read the full story reut.rs/3swylrF by @e_howcroft
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