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The Inquiry

What are NFTs and are they really the next big thing?

The Inquiry

BBC

News Commentary, News

4.61.7K Ratings

🗓️ 27 May 2021

⏱️ 24 minutes

🧾️ Download transcript

Summary

In 2005 a photo of four-year-old Zoë Roth standing in front of a burning house went viral on the internet. It became a meme known as “disaster girl”. In April 2021, the image sold for $473,000 as an NFT, or non-fungible token - that’s sort of a digital record of ownership.

And the sales keep coming. Another NFT recently sold for $69 million. The first ever Tweet went for a huge $2.9 million … and a GIF of a pixelated rainbow cat sold for $690,000.

But what is an NFT, and is it really the next big thing? Suzanne Kianpour explores the world of NFT’s.

Produced by Soila Apparicio and Olivia Noon.

(CryptoPunk digital art NFT displayed on a digital billboard in Times Square NY City, May 12 2021. Credit: Alexi Rosenfeld /Getty Images)

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to The Inquiry.

0:01.9

I'm Suzanne Keonpoor.

0:03.8

Each week, one question, four experts and an answer.

0:12.4

In 2005, a photo of four-year-old Zoe Roth

0:15.6

standing in front of a burning house

0:17.6

went viral on the internet.

0:19.9

It became a meme known as disaster girl.

0:24.7

In April, 2021, the image sold

0:27.3

for $473,000 as an NFT or a non-fungible token.

0:34.4

That's sort of a digital record of ownership.

0:38.3

But you do not have the original.

0:40.8

You don't own the rights to make copies.

0:43.0

And as it's digital, you can't even hang it on your wall.

0:47.9

Another NFT recently sold for $69 million.

0:52.2

The piece was a collage of 5,000 separate pieces

0:55.0

of digital art created every day over 13 years

0:58.6

by the artist's people.

1:00.3

It propelled him into the record books

1:02.3

as the third most valuable living artist.

1:07.0

And the sales keep coming.

1:08.8

The first-ever tweet went for a huge $2.9 million.

1:13.2

And a gift of a pixelated rainbow cat sold for $690,000.

...

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