Last week, he sold it for $6.6 million.

The video by digital artist people whose real name is Mike Winkelman, was authenticated by Blockchain, which serves as a digital signature, to certify who owns it and that it is the original work.

It's a new type of digital asset known as a non fungible token, or N.

F.

T.

That has exploded in popularity as enthusiasts and investors scrambled to spend enormous sums of money on items that only exist online.

Rodriguez, Frail, explained what he thinks said this piece of digital content apart and made it worth its hefty price tag.

The same argument as you know you can go into into the loop and take a picture of the Mona Lisa, and you can have it there, but it doesn't have any value because it doesn't have the provenance of the history of the work again, The reality here is that this is very, very valuable because of who is behind.

It's a full career of a multi like a generation career are in the space and being the best of the best examples of N F.

T s range from digital artworks and sports cards.

Two pieces of land in virtual environments The start of the rush for N.

F.

T s has been linked with the launch of the NBA's Top Shot website, which allows users to buy and trade efforts in the form of video highlights of games Five months after its launch, the platform says it has over 100,000 buyers and nearly $250 million in sales.

The majority of sales take place in the sights.

Peer to peer marketplace, with the NBA getting a royalty on every transaction.

Nate Heart is a Nashville based N F T investor who says he bought a LeBron James Cosmic N F T on NBA Top shot for $40,000 in January, then sold it for $125,000 in February.

The hype is extremely high right now.

I've used the analogy a couple times that early N F T guys are in, in a way, kind of being have kind of been presented with the same opportunity as maybe people who found Bitcoin early.

Investors cautioned, however, that while big money is flowing into N F.

T s, the market could represent a price bubble.

Like many new niche investment areas, there is the risk of major losses if the hype dies down, while there could be prime opportunities for fraudsters in a market where many participants operate under pseudonyms.

Still, auction house Christie's has just launched its first ever sale of digital art, a collage of 5000 pictures, also by people, which exists solely as an N F T.

Noah Davis is a contemporary art expert at Christie's, and we read a million dollars in 10 minutes with a starting bid at $100 and that that just truly is We've never seen anything even remotely close to that kind of activity.