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Business Daily

Where art and cryptocurrency meet...

Business Daily

BBC

Business

4.4816 Ratings

🗓️ 6 April 2021

⏱️ 17 minutes

🧾️ Download transcript

Summary

When the world of crypto currencies met with the world of art, they created what's called a non-fungible tokens or NFT. Some say NFTs could redefine what we think of as art while others think it’s just the latest crypto craze that may well end in financial losses and tears. (Picture: Artwork by Jazmine Boykins/ Blacksneakers, courtesy of the artist)

Transcript

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0:00.0

Hello and welcome to Business Daily from the BBC with me, Manuela Saragossa.

0:06.8

Coming up, when the world of cryptocurrencies met the world of art.

0:11.5

It's an encounter that's created a new way of putting a value to things in the digital sphere.

0:17.2

I fundamentally believe that we're adding a new layer to the internet,

0:20.7

an internet that you can own and trade and hold value in.

0:25.1

We're talking about what are known as non-fungible tokens.

0:28.9

But are they just the latest crypto craze?

0:31.8

And will it all end in tears and financial losses?

0:34.7

It's an artificial market created by cryptocurrency enthusiasts.

0:38.5

And if you look at who's buying these, generally they're insiders.

0:42.8

They're people in the crypto world.

0:44.6

That's all here in Business Daily from the BBC.

0:50.5

This is the future.

0:52.7

We are boldly stepping into it. I think that this past year, more than any year of my life, really did break down that kind of membrane between the virtual life and the real life.

1:07.2

Noah Davies there. He's a specialist in post-war and contemporary art at the auction house Christies in New York.

1:14.0

He's talking about the sale last month of a digital work of art called Everydays.

1:19.1

It's by a relatively unknown artist who goes by the nom de plume Beeple.

1:23.9

Now Beeple's Every Days is a collage of mainly post-apocalyptic 3D images.

1:28.9

It sold for a staggering $70 million, the third highest price ever paid for an artwork at auction.

1:35.7

And yet, it's a work that only exists in the digital sphere.

1:39.0

There is no physical copy of it.

1:41.2

So whoever bought it, well, they won't be hanging an original version on their

...

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