Each day, thousands of artists work to create images to sell as digital tokens (NFTs) on online exchanges. The markets are booming, the most popular pieces can sell for millions, but it is not clear to outsiders why anyone would be willing to pay anything at all for a jpeg.

How do NFT purchases work?

These transactions do not involve the exchange of physical pieces of art. Those who purchase art use cryptocurrencies and receive NFTs in return&nbsp;for a unique piece of computer code relating to that work that is stored on a blockchain, a kind of digital ledger that cannot be altered.

When did the craze for NFT's start?

In 2021, the market for NFTs exploded, driven by high-profile auctions, with sales worth more than $40 billion, according to analytics firm Chainalysis.

Also read |&nbsp;<a href="https://www.wionews.com/photos/in-pics-in-seattle-a-nft-museum-opens-its-door-to-public-450047">In Pics: In Seattle, a NFT museum opens its door to public</a>

There's no reason to believe that last year's prices won't hold up in 2022; for instance, Justin Bieber paid more than $1.3 million last week for an NFT from the collection "Bored Apes Yacht Club".

With 10,000 cartoon ape images with variations to the background and other details generated by an algorithm, the collection sold dozens of NFTs daily for an average price of $250,000.

Why would anyone buy an NFT?

Some critics suggest that big transactions are motivated by pure profit, with major players using technobabble and celebrity endorsements to mask their true motives.

Nevertheless, fans see the technological complexity as an inherent part of the value of these and have a cultish devotion to it.

Malaysian artist mumu_thestan describes it as a varied landscape.

Also read |&nbsp;<a href="https://www.wionews.com/technology/what-is-a-non-fungible-token-nft-explaining-the-internets-latest-craze-437385">What is a non-fungible token (NFT)? Explaining the internet's latest craze</a>

"You can't treat the whole NFT community as one,"&nbsp;

"The mainstream audience thinks NFTs are about selling a jpeg for millions or making a monkey picture. That's not all it is."

Yet, one of the most common narratives surrounding NFTs is one in which speculators make crushing profits by flipping their assets.

How do these artists find sellers?

Buzz generated by social media and celebrity endorsements fuels the boom.

The must-have collection in 2021 was CryptoPunks, a collection of blocky images of punk rock in the 1970s. The likes of Jay-Z, Snoop Dogg, and YouTuber Logan Paul own some of these for millions.

Now, it is Bored Apes,&nbsp;Justin Bieber dropped an image of an ape to his 200 million Instagram followers, giving a powerful boost to an already popular collection already hyped by the likes of tennis star Serena Williams.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/hollywood/news-justin-bieber-gets-trolled-for-buying-bored-ape-nft-for-129-million-449643">Justin Bieber gets trolled for buying Bored Ape NFT for $1.29 million</a>

It is crucial to maintain a buzz around the work, whether it is meticulously crafted original artwork or algorithmically generated ape pictures.

How does this compare to "traditional" art?

It is evident that this community-building has parallels to the traditional art market, in which young artists often work as hard to cultivate a following as on their work.

The auction house Christie's helped cement this connection last year when it sold an NFT by American artist Beeple for $69 million, making him the third most valuable living artist.&nbsp;

Watch |&nbsp;Non-Fungible token sales hit $25 Billion dollars in 2021

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/non-fungible-token-sales-hit-25-billion-dollars-in-2021-443780/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

It may surprise you to know that it would not have been a stretch for the buyer to acquire a Van Gogh or a Monet work for similar prices last year.

Much like the art market, the small players in the NFT sector believe that their business is much more than just money.

Each day, thousands of artists work to create images to sell as digital tokens (NFTs) on online exchanges. The markets are booming, the most popular pieces can sell for millions, but it is not clear to outsiders why anyone would be willing to pay anything at all for a jpeg.

Each day, thousands of artists work to create images to sell as digital tokens (NFTs) on online exchanges. The markets are booming, the most popular pieces can sell for millions, but it is not clear to outsiders why anyone would be willing to pay anything at all for a jpeg. How do NFT purchases work? These transactions do not involve the exchange of physical pieces of art. Those who purchase art use cryptocurrencies and receive NFTs in return for a unique piece of computer code relating to that work that is stored on a blockchain, a kind of digital ledger that cannot be altered. When did the craze for NFT's start? In 2021, the market for NFTs exploded, driven by high-profile auctions, with sales worth more than $40 billion, according to analytics firm Chainalysis. Also read | In Pics: In Seattle, a NFT museum opens its door to public There's no reason to believe that last year's prices won't hold up in 2022; for instance, Justin Bieber paid more than $1.3 million last week for an NFT from the collection "Bored Apes Yacht Club". With 10,000 cartoon ape images with variations to the background and other details generated by an algorithm, the collection sold dozens of NFTs daily for an average price of $250,000. Why would anyone buy an NFT? Some critics suggest that big transactions are motivated by pure profit, with major players using technobabble and celebrity endorsements to mask their true motives. Nevertheless, fans see the technological complexity as an inherent part of the value of these and have a cultish devotion to it. Malaysian artist mumu_thestan describes it as a varied landscape. Also read | What is a non-fungible token (NFT)? Explaining the internet's latest craze "You can't treat the whole NFT community as one," "The mainstream audience thinks NFTs are about selling a jpeg for millions or making a monkey picture. That's not all it is." Yet, one of the most common narratives surrounding NFTs is one in which speculators make crushing profits by flipping their assets. How do these artists find sellers? Buzz generated by social media and celebrity endorsements fuels the boom. The must-have collection in 2021 was CryptoPunks, a collection of blocky images of punk rock in the 1970s. The likes of Jay-Z, Snoop Dogg, and YouTuber Logan Paul own some of these for millions. Now, it is Bored Apes, Justin Bieber dropped an image of an ape to his 200 million Instagram followers, giving a powerful boost to an already popular collection already hyped by the likes of tennis star Serena Williams. Also read | Justin Bieber gets trolled for buying Bored Ape NFT for $1.29 million It is crucial to maintain a buzz around the work, whether it is meticulously crafted original artwork or algorithmically generated ape pictures. How does this compare to "traditional" art? It is evident that this community-building has parallels to the traditional art market, in which young artists often work as hard to cultivate a following as on their work. The auction house Christie's helped cement this connection last year when it sold an NFT by American artist Beeple for $69 million, making him the third most valuable living artist. Watch | Non-Fungible token sales hit $25 Billion dollars in 2021 It may surprise you to know that it would not have been a stretch for the buyer to acquire a Van Gogh or a Monet work for similar prices last year. Much like the art market, the small players in the NFT sector believe that their business is much more than just money.

Explainer: What is the hype behind pricey pixels, why people spend fortunes on NFTs or digital art?

Madonna always manages to create a stir in whatever she does. The pop diva has jumped on the NFT bandwagon and has already grabbed attention with her new collection.&nbsp; 
 
The singer has teamed up with digital artist Mike Winkelmann who goes by the name of Beeple to create a very NSFW collection called 'Mother Of Creation' which features a completely nude Madonna giving birth to trees, butterflies and other insects.&nbsp; 
 
According to the pop legend, the 'Mother of Creation' trifecta is meant to draw a connection between the ways people create life and also the way people create art.&nbsp; 
 
“I wanted to investigate the concept of creation, not only the way a child enters the world through a woman’s vagina but also the way an artist gives birth to creativity,” Beeple explained in a statement.&nbsp; 
 
The collection offers three rather graphic, minute-long videos of a digitized Madonna, with trees, insects and butterflies coming out of her body. 
 
The first 'Mother Of Nature' NFT depicts the birth of a tree in a cold laboratory setting with Madonna spawling over a platform and a tree birthing out of her vagina.&nbsp; 
 
The first NFT, “Mother of Nature,” depicts the birth of a tree in a cold laboratory setting. “It pushes against gravity and flowers bloom,” the token’s website explains. “The tree may &nbsp;bend or even break, but it continues to recreate and flourish." 
 
“It pushes against gravity and flowers bloom,” the token’s website explains. “The tree may bend or even break, but it continues to recreate and flourish."&nbsp; 
 
The second NFT- &nbsp;'Mother of Evolution'- portrays a swarm of butterflies, which according to o the website is “a metaphor for the paradox that the world is burning down in a post-apocalyptic scene, but there is still evidence of life. We continue to give birth, no matter what destruction is going on, no matter what oppression we face."&nbsp; 
 
The last video - 'Mother of Technology,' - has synthetic centipedes crawl out of Madonna as she lays in a forest. 
 
While digital art is very graphic and can be slightly unsettling for some, it is for a good cause. The proceeds from the tokens, which are up for auction now, will go to charities that are working for women and children.&nbsp; 
 
The NFT has though drawn in a lot of criticism for the star who has been termed 'desperate' to grab attention with graphic 3D like digital art. The art gives 3D details of her genitals in all three videos.&nbsp; 
 
The singer and the artist sat down for a chat on Instagram where the singer addressed the backlash and said, "I’m doing what women have been doing since the beginning of time, which is giving birth."&nbsp; 
 
"But on a more existential level, I’m giving birth to art and creativity and we would be lost without both,” she added. 
“I think it’s really important that a lot of thought and conversation went into creating these videos," she added.&nbsp; 
 
"I say we need a forest with creepy crawly bugs coming out of me," she continued and joked, "Not often does a robot centipede crawl out of my vagina."&nbsp;

Madonna always manages to create a stir in whatever she does. The pop diva has jumped on the NFT bandwagon and has already grabbed attention with her new collection.

Madonna always manages to create a stir in whatever she does. The pop diva has jumped on the NFT bandwagon and has already grabbed attention with her new collection. The singer has teamed up with digital artist Mike Winkelmann who goes by the name of Beeple to create a very NSFW collection called 'Mother Of Creation' which features a completely nude Madonna giving birth to trees, butterflies and other insects. According to the pop legend, the 'Mother of Creation' trifecta is meant to draw a connection between the ways people create life and also the way people create art. “I wanted to investigate the concept of creation, not only the way a child enters the world through a woman’s vagina but also the way an artist gives birth to creativity,” Beeple explained in a statement. The collection offers three rather graphic, minute-long videos of a digitized Madonna, with trees, insects and butterflies coming out of her body. The first 'Mother Of Nature' NFT depicts the birth of a tree in a cold laboratory setting with Madonna spawling over a platform and a tree birthing out of her vagina. The first NFT, “Mother of Nature,” depicts the birth of a tree in a cold laboratory setting. “It pushes against gravity and flowers bloom,” the token’s website explains. “The tree may bend or even break, but it continues to recreate and flourish." “It pushes against gravity and flowers bloom,” the token’s website explains. “The tree may bend or even break, but it continues to recreate and flourish." The second NFT- 'Mother of Evolution'- portrays a swarm of butterflies, which according to o the website is “a metaphor for the paradox that the world is burning down in a post-apocalyptic scene, but there is still evidence of life. We continue to give birth, no matter what destruction is going on, no matter what oppression we face." The last video - 'Mother of Technology,' - has synthetic centipedes crawl out of Madonna as she lays in a forest. While digital art is very graphic and can be slightly unsettling for some, it is for a good cause. The proceeds from the tokens, which are up for auction now, will go to charities that are working for women and children. The NFT has though drawn in a lot of criticism for the star who has been termed 'desperate' to grab attention with graphic 3D like digital art. The art gives 3D details of her genitals in all three videos. The singer and the artist sat down for a chat on Instagram where the singer addressed the backlash and said, "I’m doing what women have been doing since the beginning of time, which is giving birth." "But on a more existential level, I’m giving birth to art and creativity and we would be lost without both,” she added. “I think it’s really important that a lot of thought and conversation went into creating these videos," she added. "I say we need a forest with creepy crawly bugs coming out of me," she continued and joked, "Not often does a robot centipede crawl out of my vagina."

Madonna responds to backlash over her 3D nude NFT: I'm giving birth to art and creativity

In Pics: In Seattle, a NFT museum opens its door to public

Digital art collecting platform Neon has created the world's first non-fungible token vending machine in New York City, aiming to make online art as accessible as soda or candy bars.

But there's a twist. When you buy this digital art, you don't know what you're going to get.

Also read |&nbsp;<a href="https://www.wionews.com/world/the-winning-bid-for-melania-trumps-nft-was-placed-by-melania-trump-report-454111">The winning bid for Melania Trump's NFT was placed by Melania Trump: Report</a>

Located in a small storefront in Lower Manhattan's financial district with a sign outside reading "NFT ATM," the machine looks like a traditional vending machine but offers QR codes on slips placed in small paper boxes.&nbsp;Pricing ranges between $5.99 and $420.69.

After scanning the QR code, the new piece of art can be viewed on any smartphone, laptop, or tablet.

"It's the crypto curious, the people who tried to buy cryptocurrency or they were interested in buying an&nbsp;NFT, but they just hit too many barriers," Neon CEO Kyle Zappitell said in an interview with Reuters, of the vending machine's target customer.

Also read |&nbsp;<a href="https://www.wionews.com/photos/in-pics-in-seattle-a-nft-museum-opens-its-door-to-public-450047">In Pics: In Seattle, a NFT museum opens its door to public</a>

The QR codes at the Lower Manhattan site lead to two categories of digital art pieces. Either a picture of a pigeon or a colour.

Zappitell sees the element of mystery as a natural extension of the digital art space.

"As a&nbsp;NFT&nbsp;collector, over time, one of the things you love is the randomness of, 'Which one are you going to get?'" he said. "So that's one of the exciting aspects."

Watch |&nbsp;World’s first NFT museum opens in Seattle

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/worlds-first-nft-museum-opens-in-seattle-450366/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In the vending machine, art pieces are sold using the Solana blockchain, which ensures carbon-neutral transactions.

While digital art is mostly sold via cryptocurrency, the Neon vending machine accepts fiat currency - you can pay with a credit card.

Beginning with $3 million in seed money, Neon plans to install vending machines at malls and other public places.

"That's one of the really powerful messages of this, is how it's using this old world technology to enable the adoption of new world technology," said Zappitell.

(With inputs from agencies)

Digital art collecting platform Neon has created the world's first non-fungible token vending machine in New York City, aiming to make online art as accessible as soda or candy bars.

Digital art collecting platform Neon has created the world's first non-fungible token vending machine in New York City, aiming to make online art as accessible as soda or candy bars. But there's a twist. When you buy this digital art, you don't know what you're going to get. Also read | The winning bid for Melania Trump's NFT was placed by Melania Trump: Report Located in a small storefront in Lower Manhattan's financial district with a sign outside reading "NFT ATM," the machine looks like a traditional vending machine but offers QR codes on slips placed in small paper boxes. Pricing ranges between $5.99 and $420.69. After scanning the QR code, the new piece of art can be viewed on any smartphone, laptop, or tablet. "It's the crypto curious, the people who tried to buy cryptocurrency or they were interested in buying an NFT, but they just hit too many barriers," Neon CEO Kyle Zappitell said in an interview with Reuters, of the vending machine's target customer. Also read | In Pics: In Seattle, a NFT museum opens its door to public The QR codes at the Lower Manhattan site lead to two categories of digital art pieces. Either a picture of a pigeon or a colour. Zappitell sees the element of mystery as a natural extension of the digital art space. "As a NFT collector, over time, one of the things you love is the randomness of, 'Which one are you going to get?'" he said. "So that's one of the exciting aspects." Watch | World’s first NFT museum opens in Seattle In the vending machine, art pieces are sold using the Solana blockchain, which ensures carbon-neutral transactions. While digital art is mostly sold via cryptocurrency, the Neon vending machine accepts fiat currency - you can pay with a credit card. Beginning with $3 million in seed money, Neon plans to install vending machines at malls and other public places. "That's one of the really powerful messages of this, is how it's using this old world technology to enable the adoption of new world technology," said Zappitell. (With inputs from agencies)

At New York's first 'NFT ATM', buying digital art is as easy as buying candy

In the wake of serious concerns raised about cryptocurrencies and the misuse of them for money laundering and hawala transactions by terrorists and criminals, a new report indicates that money laundering via non-fungible tokens (NFTs) is becoming a growing sector.

A&nbsp;report by Blockchain data platform Chainalysis indicates that money laundering is a small, but growing, part of the activity on NFT marketplaces.

Also read |&nbsp;<a href="https://www.wionews.com/world/explainer-what-is-the-hype-behind-pricey-pixels-why-people-spend-fortunes-on-nfts-or-digital-art-450100">Explainer: What is the hype behind pricey pixels, why people spend fortunes on NFTs or digital art?</a>

"While money laundering in physical art is difficult to quantify, we can make more reliable estimates of NFT-based money laundering thanks to the inherent transparency of the Blockchain," the report said late on Wednesday.

During the third quarter of 2021, illicit addresses sent over $1 million worth of cryptocurrency to NFT marketplaces.

Again, the figure grew in the fourth quarter, capped at just under $1.4 million.

"In both quarters, the vast majority of this activity came from scam-associated addresses sending funds to NFT marketplaces to make purchases," the report informed.

Also read |&nbsp;<a href="https://www.wionews.com/photos/in-pics-in-seattle-a-nft-museum-opens-its-door-to-public-450047">In Pics: In Seattle, a NFT museum opens its door to public</a>

Additionally, both quarters saw a significant amount of stolen funds being transferred to marketplaces.

"Perhaps most concerningly, in the fourth quarter, we saw roughly $284,000 worth of cryptocurrency sent to NFT marketplaces from addresses with sanctions risk," said the researchers.

With NFTs, data can be stored on blockchains and those data can be paired with images, videos, audio, physical objects, memberships, etc.

The popularity of NFTs skyrocketed in 2021. According to Chainalysis, at least $44.2 billion worth of cryptocurrency is now being sent to ERC-721 and ERC-1155 smart contracts associated with NFT marketplaces and collections, up from just $106 million in 2020.

"Wash trading" is another way some NFT sellers make money.

Another area of concern for NFTs, Wash trading has a single person/party on both sides of the transaction, i.e. the same person acts as&nbsp;both the seller and the buyer, creating&nbsp;a false impression about an asset's value and liquidity.

Based on Blockchain analysis, the researchers identified 262 users who sold NFTs to self-financed addresses more than 25 times.

Watch |&nbsp;Non-Fungible token sales hit $25 Billion dollars in 2021

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/non-fungible-token-sales-hit-25-billion-dollars-in-2021-443780/embed" width="560"></iframe>

A total of nearly $8.9 million in profit was made by the 110 profitable wash traders, dwarfing the $416,984 lost by the 152 unprofitable traders.

"Even worse, that $8.9 million is most likely derived from sales to unsuspecting buyers who believe the NFT they're purchasing has been growing in value, sold from one distinct collector to another," said Chainalysis.

"NFTs offer potential for abuse. It's important that as our industry considers all the ways this new asset class can change how we link the blockchain to the physical world," said the report.

(With inputs from agencies)

In the wake of serious concerns raised about cryptocurrencies and the misuse of them for money laundering and hawala transactions by terrorists and criminals, a new report indicates that money laundering via non-fungible tokens (NFTs) is becoming a growing sector.

In the wake of serious concerns raised about cryptocurrencies and the misuse of them for money laundering and hawala transactions by terrorists and criminals, a new report indicates that money laundering via non-fungible tokens (NFTs) is becoming a growing sector. A report by Blockchain data platform Chainalysis indicates that money laundering is a small, but growing, part of the activity on NFT marketplaces. Also read | Explainer: What is the hype behind pricey pixels, why people spend fortunes on NFTs or digital art? "While money laundering in physical art is difficult to quantify, we can make more reliable estimates of NFT-based money laundering thanks to the inherent transparency of the Blockchain," the report said late on Wednesday. During the third quarter of 2021, illicit addresses sent over $1 million worth of cryptocurrency to NFT marketplaces. Again, the figure grew in the fourth quarter, capped at just under $1.4 million. "In both quarters, the vast majority of this activity came from scam-associated addresses sending funds to NFT marketplaces to make purchases," the report informed. Also read | In Pics: In Seattle, a NFT museum opens its door to public Additionally, both quarters saw a significant amount of stolen funds being transferred to marketplaces. "Perhaps most concerningly, in the fourth quarter, we saw roughly $284,000 worth of cryptocurrency sent to NFT marketplaces from addresses with sanctions risk," said the researchers. With NFTs, data can be stored on blockchains and those data can be paired with images, videos, audio, physical objects, memberships, etc. The popularity of NFTs skyrocketed in 2021. According to Chainalysis, at least $44.2 billion worth of cryptocurrency is now being sent to ERC-721 and ERC-1155 smart contracts associated with NFT marketplaces and collections, up from just $106 million in 2020. "Wash trading" is another way some NFT sellers make money. Another area of concern for NFTs, Wash trading has a single person/party on both sides of the transaction, i.e. the same person acts as both the seller and the buyer, creating a false impression about an asset's value and liquidity. Based on Blockchain analysis, the researchers identified 262 users who sold NFTs to self-financed addresses more than 25 times. Watch | Non-Fungible token sales hit $25 Billion dollars in 2021 A total of nearly $8.9 million in profit was made by the 110 profitable wash traders, dwarfing the $416,984 lost by the 152 unprofitable traders. "Even worse, that $8.9 million is most likely derived from sales to unsuspecting buyers who believe the NFT they're purchasing has been growing in value, sold from one distinct collector to another," said Chainalysis. "NFTs offer potential for abuse. It's important that as our industry considers all the ways this new asset class can change how we link the blockchain to the physical world," said the report. (With inputs from agencies)

After cryptocurrencies, money laundering via NFTs is next big worry

Animations to video clips sales of NFTs reached some 25 billion dollars in 2021, as the cumulative crypto-asset exploded in popularity. However, reports say there are signs of growth slowing towards the end of the year.

Non-Fungible token sales hit $25 Billion dollars in 2021

Actress Sunny Leone ventured into the NFT (non-fungible token) space after she made an announcement to enter the marketplace following in the footsteps of megastars Amitabh Bachchan and Rajinikanth.

And now, racing ahead, Sunny has gone on to mint her NFTs. Minting is a process through which digital art becomes a part of the Ethereum blockchain - a public ledger that is unchangeable and tamper-proof.

<a href="https://www.wionews.com/sports/football-lionel-messi-launches-messiverse-nft-crypto-art-collection-407123">Lionel Messi launches 'Messiverse' NFT crypto art collection</a>

International celebrities such as Ellen Degeneres, Paris Hilton, and Lindsay Lohan have previously ventured into NFT as crypto currency has become a global rage and Sunny`s minting has surely taken the Indian crypto enthusiasts by storm. The actress announced her first collectible on Twitter as she tweeted, "MEET the MISFTIZ ! This is misfitz HONEY! She loves the color pink...boys with tattoos...and then eats them for lunch. What the world has been waiting for!!! #SUNNYLEONENFT collectibles. Check them all out on http://Sunnyleonenft.com (sic.)"

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
MEET the MISFTIZ ! 
 
This is misfitz HONEY! She loves the color pink…boys with tattoos…and then eats them for lunch 😈 
 
What the world has been waiting for!!! 
<a href="https://twitter.com/hashtag/SUNNYLEONENFT?src=hash&amp;ref_src=twsrc%5Etfw">#SUNNYLEONENFT</a> collectibles 😍 
 
Check them all out on 
👉 <a href="https://t.co/RAN8aK83uB">https://t.co/RAN8aK83uB</a> 
 
Join : <a href="https://t.co/9xjrNoQVTx">https://t.co/9xjrNoQVTx</a> <a href="https://twitter.com/hashtag/NFT?src=hash&amp;ref_src=twsrc%5Etfw">#NFT</a> <a href="https://t.co/cOsWb3P9SA">pic.twitter.com/cOsWb3P9SA</a>
— sunnyleone (@SunnyLeone) <a href="https://twitter.com/SunnyLeone/status/1454327611769769984?ref_src=twsrc%5Etfw">October 30, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The actress took the lead among Indian actors to secure their digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to roll out her own NFTs.

Talking about the collectible, an excited Sunny says, "This was a private sale and it sold out immediately. I am beyond excited about the hype behind my collection and the support from the community. In many ways, I am myself a misfit so there wasn`t anything that`s more appropriate than this collection."

<a href="https://www.wionews.com/entertainment/this-is-why-sunny-leone-left-with-family-for-los-angeles-check-out-pics-of-her-bungalow-298512" hreflang="en">This is why Sunny Leone left with family for Los Angeles; check out pics of her bungalow</a>

Talking about how she views crypto, the actress said, "I really believe crypto is the future of the world and NFTs give me an opportunity to express myself with art. Now we are beyond excited for the public sale to start in a few days."

For her NFTs, Sunny has partnered with Mintdropz, as speaking on her association, she said, "With Mintdropz, we are creating new ways to connect with my audience and deliver varied experiences to engage with my audience that other platforms just can`t provide."

<a href="https://www.wionews.com/entertainment/sunny-leone-opens-up-on-being-bullied-as-a-child-its-not-fun-357935" hreflang="en">Sunny Leone opens up on being bullied as a child: It's not fun</a>

Actress Sunny Leone ventured into the NFT (non-fungible token) space after she made an announcement to enter the marketplace following in the footsteps of megastars Amitabh Bachchan and Rajinikanth.

Actress Sunny Leone ventured into the NFT (non-fungible token) space after she made an announcement to enter the marketplace following in the footsteps of megastars Amitabh Bachchan and Rajinikanth. And now, racing ahead, Sunny has gone on to mint her NFTs. Minting is a process through which digital art becomes a part of the Ethereum blockchain - a public ledger that is unchangeable and tamper-proof. Lionel Messi launches 'Messiverse' NFT crypto art collection International celebrities such as Ellen Degeneres, Paris Hilton, and Lindsay Lohan have previously ventured into NFT as crypto currency has become a global rage and Sunny`s minting has surely taken the Indian crypto enthusiasts by storm. The actress announced her first collectible on Twitter as she tweeted, "MEET the MISFTIZ ! This is misfitz HONEY! She loves the color pink...boys with tattoos...and then eats them for lunch. What the world has been waiting for!!! #SUNNYLEONENFT collectibles. Check them all out on http://Sunnyleonenft.com (sic.)" MEET the MISFTIZ ! This is misfitz HONEY! She loves the color pink…boys with tattoos…and then eats them for lunch 😈 What the world has been waiting for!!! #SUNNYLEONENFT collectibles 😍 Check them all out on 👉 https://t.co/RAN8aK83uB Join : https://t.co/9xjrNoQVTx #NFT pic.twitter.com/cOsWb3P9SA — sunnyleone (@SunnyLeone) October 30, 2021 × The actress took the lead among Indian actors to secure their digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to roll out her own NFTs. Talking about the collectible, an excited Sunny says, "This was a private sale and it sold out immediately. I am beyond excited about the hype behind my collection and the support from the community. In many ways, I am myself a misfit so there wasn`t anything that`s more appropriate than this collection." This is why Sunny Leone left with family for Los Angeles; check out pics of her bungalow Talking about how she views crypto, the actress said, "I really believe crypto is the future of the world and NFTs give me an opportunity to express myself with art. Now we are beyond excited for the public sale to start in a few days." For her NFTs, Sunny has partnered with Mintdropz, as speaking on her association, she said, "With Mintdropz, we are creating new ways to connect with my audience and deliver varied experiences to engage with my audience that other platforms just can`t provide." Sunny Leone opens up on being bullied as a child: It's not fun

Sunny Leone becomes the first Indian actress to mint NFT: 'It sold out immediately'

A music company paid $74,000 for the non-fungible token (NFT) of the Side Eyeing Chloe meme, which shows a two-year-old girl. 3F Music, a Dubai-based music production firm, purchased it.&nbsp;

In 2013, a young girl became famous after a meme depicting her negative side-eyeing reaction to her mother's announcement of a vacation to Disneyland went viral on social media.&nbsp;

Since then, Chloe Clem, now 10, was known by all as ‘side-eyeing Chloe’. However, her mother Katie has now decided to tap into her popularity by auctioning the meme as a non-fungible token (NFT) for thousands of dollars. 
 
<a href="https://www.wionews.com/world/fake-banksy-nft-sold-for-ps244k-through-artists-website-410517">Also read | Fake Banksy NFT sold for £244k through artist's website</a>

Clem has remained a social media star with over 500,000 Instagram followers and has even reportedly featured in a Google advertisement in Brazil.

In September 2013, &nbsp;Katie uploaded a video featuring her two daughters reacting to the Disneyland surprise.

NFTs are often purchased and sold in exchange for cryptocurrencies. Buyers do not own the copyright on the image that the digital certificate depicts, despite having the certificate.&nbsp;

These transaction records are permanent, have been validated several times, and can not be erased or changed because NFTs are enabled by blockchain.

Each non-fungible token has a distinct identity.As a result, no two digital entities are permitted to share a token.

In March, Twitter co-founder Jack Dorsey sold his first-ever tweet to a Malaysian businessman for $2.9 million.

A woman who appeared in the film ‘Disaster Girl' sold it for $500,000 in April of this year.Another image, dubbed the "Overly Attached Girlfriend Meme," sold for $411,000.&nbsp;

NFT transactions, on the other hand, have their own repercussions.

There have recently been environmental concerns regarding the long-term viability of NFTs, as they demand enormous amounts of energy to mine coins, process transactions, and maintain the blockchain.

(With inputs from agencies)

A music company paid $74,000 for the non-fungible token (NFT) of the Side Eyeing Chloe meme, which shows a two-year-old girl. 3F Music, a Dubai-based music production firm, purchased it.

A music company paid $74,000 for the non-fungible token (NFT) of the Side Eyeing Chloe meme, which shows a two-year-old girl. 3F Music, a Dubai-based music production firm, purchased it. In 2013, a young girl became famous after a meme depicting her negative side-eyeing reaction to her mother's announcement of a vacation to Disneyland went viral on social media. Since then, Chloe Clem, now 10, was known by all as ‘side-eyeing Chloe’. However, her mother Katie has now decided to tap into her popularity by auctioning the meme as a non-fungible token (NFT) for thousands of dollars. Also read | Fake Banksy NFT sold for £244k through artist's website Clem has remained a social media star with over 500,000 Instagram followers and has even reportedly featured in a Google advertisement in Brazil. In September 2013, Katie uploaded a video featuring her two daughters reacting to the Disneyland surprise. NFTs are often purchased and sold in exchange for cryptocurrencies. Buyers do not own the copyright on the image that the digital certificate depicts, despite having the certificate. These transaction records are permanent, have been validated several times, and can not be erased or changed because NFTs are enabled by blockchain. Each non-fungible token has a distinct identity.As a result, no two digital entities are permitted to share a token. In March, Twitter co-founder Jack Dorsey sold his first-ever tweet to a Malaysian businessman for $2.9 million. A woman who appeared in the film ‘Disaster Girl' sold it for $500,000 in April of this year.Another image, dubbed the "Overly Attached Girlfriend Meme," sold for $411,000. NFT transactions, on the other hand, have their own repercussions. There have recently been environmental concerns regarding the long-term viability of NFTs, as they demand enormous amounts of energy to mine coins, process transactions, and maintain the blockchain. (With inputs from agencies)

NFT of ‘side-eyeing Chloe’ meme’s original image sells for a whopping amount

In 2013, a young girl rose to prominence when a meme of her side-eyeing (read disapproving) reaction to her mother announcing a trip to Disneyland made headwinds in the social media platform.

Since then, Chloe Clem, now 10, was known by all as ‘side-eyeing Chloe’. However, her mother Katie has now decided to tap into her popularity by auctioning the meme as a non-fungible token (NFT) for thousands of dollars.

Clem has remained a social media star with over 500,000 Instagram followers and has even reportedly featured in a Google advertisement in Brazil.

In September 2013,&nbsp; Katie uploaded a video&nbsp;featuring her two daughters reacting to the Disneyland surprise.

While Clem’s sister expressed joy, Clem, at that time 2, had disappointment riddled all over her face.

The unimpressed look shown by Clem became an instant rage, and its meme is still popular today.

Now the Utah-based family has decided to auction off the image as an NFT. The bidding would start at 5 Ethereum - a cryptocurrency worth approximately $15,000.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-clothing-brand-faces-heat-over-inappropriate-messages-anti-india-depictions-printed-on-kids-shirts-415605">Chinese clothing brand faces heat over inappropriate messages, anti-India depictions printed on kids' shirts</a>

NFTs are transaction records captured on the blockchain- the web version of a physical ledger. It allows people to trade the ownership of digital entities such as memes, media, tweets, arts, articles in ‘token’ form.

As NFTs are supported by blockchain, these transaction records are permanent, verified multiple times and cannot be erased or changed.

Each non-fungible token is uniquely identifiable. So, no two digital entities can have the same token.

Recently, Twitter founder Jack Dorsey sold his first-ever tweet for about $2.9 million to a Malaysia-based businessman in March.

Also read |&nbsp;<a href="https://www.wionews.com/world/canary-islands-miracle-home-defies-odds-to-escape-lava-flows-415603">Canary Islands 'miracle home' defies odds to escape lava flows</a>

In April this year, a woman who was featured in the ‘Disaster Girl’ sold it for $500,000. Another image known as the ‘Overly Attached Girlfriend Meme’ fetched a price of $411,000.

<img alt="Chloe Clem, now 10, is known by all as ‘side-eyeing Chloe’. " data-entity-type="file" data-entity-uuid="5474f6e1-49d3-4f22-af49-1914b8c75264" src="//cdn.wionews.com/sites/default/files/inline-images/chloe%201.jpg" />

Clem’s mother Katie said after learning about the NFT market, selling the meme was a “no brainer”.

“It’s a cool opportunity, especially if there's a Chloe fan out there who loves this meme they'll be able to own it. Even Chloe has said 'that's pretty cool' - it's a typical 10-year-old thing to say,” BBC quoted Katie as saying.

However, NFT transactions also come at a cost. Recently, there have been environmental concerns about the sustainable use of NFTs, as vast amounts of energy are required to mine cryptocurrencies, process transactions and maintain the blockchain.

(With inputs from agencies)

In 2013, a young girl rose to prominence when a meme of her side-eyeing (read disapproving) reaction to her mother announcing a trip to Disneyland made headwinds in the social media platform.

In 2013, a young girl rose to prominence when a meme of her side-eyeing (read disapproving) reaction to her mother announcing a trip to Disneyland made headwinds in the social media platform. Since then, Chloe Clem, now 10, was known by all as ‘side-eyeing Chloe’. However, her mother Katie has now decided to tap into her popularity by auctioning the meme as a non-fungible token (NFT) for thousands of dollars. Clem has remained a social media star with over 500,000 Instagram followers and has even reportedly featured in a Google advertisement in Brazil. In September 2013, Katie uploaded a video featuring her two daughters reacting to the Disneyland surprise. While Clem’s sister expressed joy, Clem, at that time 2, had disappointment riddled all over her face. The unimpressed look shown by Clem became an instant rage, and its meme is still popular today. Now the Utah-based family has decided to auction off the image as an NFT. The bidding would start at 5 Ethereum - a cryptocurrency worth approximately $15,000. Also read | Chinese clothing brand faces heat over inappropriate messages, anti-India depictions printed on kids' shirts NFTs are transaction records captured on the blockchain- the web version of a physical ledger. It allows people to trade the ownership of digital entities such as memes, media, tweets, arts, articles in ‘token’ form. As NFTs are supported by blockchain, these transaction records are permanent, verified multiple times and cannot be erased or changed. Each non-fungible token is uniquely identifiable. So, no two digital entities can have the same token. Recently, Twitter founder Jack Dorsey sold his first-ever tweet for about $2.9 million to a Malaysia-based businessman in March. Also read | Canary Islands 'miracle home' defies odds to escape lava flows In April this year, a woman who was featured in the ‘Disaster Girl’ sold it for $500,000. Another image known as the ‘Overly Attached Girlfriend Meme’ fetched a price of $411,000. Clem’s mother Katie said after learning about the NFT market, selling the meme was a “no brainer”. “It’s a cool opportunity, especially if there's a Chloe fan out there who loves this meme they'll be able to own it. Even Chloe has said 'that's pretty cool' - it's a typical 10-year-old thing to say,” BBC quoted Katie as saying. However, NFT transactions also come at a cost. Recently, there have been environmental concerns about the sustainable use of NFTs, as vast amounts of energy are required to mine cryptocurrencies, process transactions and maintain the blockchain. (With inputs from agencies)

'Side-eyeing Chloe’ to cash in on her popularity by selling her meme as NFT

The first non-fungible token (NFT) ever created,&nbsp;the origin of a craze that is sweeping the art market,&nbsp;has gone on sale at Sotheby's.

"Quantum" is an octagon-shaped animation by New York artist Kevin McCoy.

Also Read |&nbsp;<a href="https://www.wionews.com/world/artist-paks-creations-fetch-168-million-in-first-nft-sale-at-sothebys-377689">Artist Pak's creations fetch $16.8 million in first NFT sale at Sotheby's</a>

It became the first work to be associated with an NFT-type certificate of ownership in May 2014, three years before the term NFT was coined.

An NFT is a digital object such as a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. &nbsp;It cannot be forged or otherwise manipulated.

Also Read |&nbsp;<a href="https://www.wionews.com/world/edward-snowdens-nft-artwork-sells-for-over-54-mn-378159">Edward Snowden's NFT artwork sells for over $5.4 mn</a>&nbsp;

Sotheby's has no pre-sale estimate for "Quantum", which had already reached $140,000 on Friday, a day after it went on sale. The sale ends on June 10.

"In 10 years looking back, if in fact these are to grow, this piece can represent and symbolize the start of something that is quite revolutionary and very impactful," said Max Moore, vice president of contemporary art at Sotheby's in New York.

Also Read |&nbsp;<a href="https://www.wionews.com/technology/twitter-ceo-jack-dorseys-first-tweet-sold-for-29-million-as-nft-372474">Twitter CEO Jack Dorsey's first Tweet sold for $2.9 million as NFT</a>

NFT exchanges happen in cryptocurrencies such as Bitcoin on specialist sites. Traditional auction houses are seeking to capitalize on the new phenomenon.

"I fell in love with Bitcoin in early 2013 and just got really interested in that world," said McCoy, a 54-year-old multimedia artist.

Also Read |&nbsp;<a href="https://www.wionews.com/technology/nfts-are-neither-miracles-nor-scams-374760">NFTs are neither miracles nor scams</a>

He is a pioneer of NFTs that currently generate several hundred million dollars in transactions every month.

McCoy even helped design his own platform for the exchange of certified digital objects: Monograph, which is no longer active.

"There was a lot of misunderstanding at the time," McCoy recalled, saying the mainstream art world struggled to understand the cryptocurrency world, which had itself had little appreciation of art.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/nft-digital-artwork-by-humanoid-robot-sophia-to-go-on-auction-in-a-worlds-first-372309/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

He says the craze is only just beginning but refuses to consider how huge it may become.

"The Sotheby's thing is... a big test to see what happens as far as that goes. Honestly, I don't have any expectations," McCoy added.

Also Read |&nbsp;<a href="https://www.wionews.com/world/bid-for-first-tweet-of-twitter-co-founder-jack-dorsey-reaches-usd-25-million-368677">Bid for first tweet of Twitter co-founder Jack Dorsey reaches USD 2.5 million</a>&nbsp;

The NFT boom is being fueled by&nbsp;early investors in cryptocurrencies who became millionaires.

In March, Christie's sold an NFT for $69.3 million.

Sotheby's &nbsp;held its first NFT auction in April. During the "Quantum" sale it is also selling a virtual character called Alice who will be able to interact with her future owner using artificial intelligence.

The first non-fungible token (NFT) ever created, the origin of a craze that is sweeping the art market, has gone on sale at Sotheby's. "Quantum" is an octagon-shaped animation by New York artist Kevin McCoy.

The first non-fungible token (NFT) ever created, the origin of a craze that is sweeping the art market, has gone on sale at Sotheby's. "Quantum" is an octagon-shaped animation by New York artist Kevin McCoy. Also Read | Artist Pak's creations fetch $16.8 million in first NFT sale at Sotheby's It became the first work to be associated with an NFT-type certificate of ownership in May 2014, three years before the term NFT was coined. An NFT is a digital object such as a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. It cannot be forged or otherwise manipulated. Also Read | Edward Snowden's NFT artwork sells for over $5.4 mn Sotheby's has no pre-sale estimate for "Quantum", which had already reached $140,000 on Friday, a day after it went on sale. The sale ends on June 10. "In 10 years looking back, if in fact these are to grow, this piece can represent and symbolize the start of something that is quite revolutionary and very impactful," said Max Moore, vice president of contemporary art at Sotheby's in New York. Also Read | Twitter CEO Jack Dorsey's first Tweet sold for $2.9 million as NFT NFT exchanges happen in cryptocurrencies such as Bitcoin on specialist sites. Traditional auction houses are seeking to capitalize on the new phenomenon. "I fell in love with Bitcoin in early 2013 and just got really interested in that world," said McCoy, a 54-year-old multimedia artist. Also Read | NFTs are neither miracles nor scams He is a pioneer of NFTs that currently generate several hundred million dollars in transactions every month. McCoy even helped design his own platform for the exchange of certified digital objects: Monograph, which is no longer active. "There was a lot of misunderstanding at the time," McCoy recalled, saying the mainstream art world struggled to understand the cryptocurrency world, which had itself had little appreciation of art. He says the craze is only just beginning but refuses to consider how huge it may become. "The Sotheby's thing is... a big test to see what happens as far as that goes. Honestly, I don't have any expectations," McCoy added. Also Read | Bid for first tweet of Twitter co-founder Jack Dorsey reaches USD 2.5 million The NFT boom is being fueled by early investors in cryptocurrencies who became millionaires. In March, Christie's sold an NFT for $69.3 million. Sotheby's held its first NFT auction in April. During the "Quantum" sale it is also selling a virtual character called Alice who will be able to interact with her future owner using artificial intelligence.

Sotheby's sells first NFT that sparked a craze

Sotheby's hosted its first sale of art supported by NFTs, the trendy authentication technology, by artist Pak, with the works bringing in $16.8 million, the auction house said Wednesday.

Sotheby's foray into&nbsp;NFT&nbsp;selling comes just a little more than one month after the sale of the&nbsp;NFT&nbsp;of the work "Everydays: The First 5,000 Days" by digital artist Beeple for $69.3 million at rival Christie's.

NFT&nbsp;stands for non-fungible token, an authentication certificate meant to ensure that ownership of digital work,&nbsp;animations, videos, photos or music, for example, cannot be forged or otherwise manipulated.

Sotheby's first&nbsp;NFT&nbsp;sale featured an entirely different format than the video sale hosted by Christie's.

An unlimited number of animated illustration files created by Pak, called "Cube," were listed on the specialised platform Nifty Gateway as part of "The Fungible" collection.

Some 23,598 of these animations,&nbsp;which rotate to appear to show a 360-degree view of a translucent and white cube on a black background, were purchased over a three-day period beginning Monday for a total of $14 million.&nbsp;

The artist wanted to question ideas of value and rarity by not limiting sales of the cube art files, and according to Sotheby's some 3,080 collectors have already purchased their own versions.&nbsp;

Pak also sold two unique works, including one made up by a single pixel, which was bought for $1.36 million by digital collector Eric Young. The other was another rotating geometric shape which sold for $1.44 million.&nbsp;

The person who purchased the most of the unlimited "Cube" works would also receive ownership of a unique piece called "The Cube",&nbsp;a more detailed animated illustration of a rotating six-sided shape,&nbsp;as a bonus.

The sales offer a peek into the strength of the&nbsp;NFT&nbsp;market, which generates more than $10 million worth of sales every day on digital platforms such as Nifty Gateway or OpenSea.

According to the site NonFungible.com, $2 billion has already changed hands through the&nbsp;NFT&nbsp;market in the first part of 2021 alone.&nbsp;

(With inputs from agencies)

Sotheby's hosted its first sale of art supported by NFTs, the trendy authentication technology, by artist Pak, with the works bringing in $16.8 million, the auction house said Wednesday.

Sotheby's hosted its first sale of art supported by NFTs, the trendy authentication technology, by artist Pak, with the works bringing in $16.8 million, the auction house said Wednesday. Sotheby's foray into NFT selling comes just a little more than one month after the sale of the NFT of the work "Everydays: The First 5,000 Days" by digital artist Beeple for $69.3 million at rival Christie's. NFT stands for non-fungible token, an authentication certificate meant to ensure that ownership of digital work, animations, videos, photos or music, for example, cannot be forged or otherwise manipulated. Sotheby's first NFT sale featured an entirely different format than the video sale hosted by Christie's. An unlimited number of animated illustration files created by Pak, called "Cube," were listed on the specialised platform Nifty Gateway as part of "The Fungible" collection. Some 23,598 of these animations, which rotate to appear to show a 360-degree view of a translucent and white cube on a black background, were purchased over a three-day period beginning Monday for a total of $14 million. The artist wanted to question ideas of value and rarity by not limiting sales of the cube art files, and according to Sotheby's some 3,080 collectors have already purchased their own versions. Pak also sold two unique works, including one made up by a single pixel, which was bought for $1.36 million by digital collector Eric Young. The other was another rotating geometric shape which sold for $1.44 million. The person who purchased the most of the unlimited "Cube" works would also receive ownership of a unique piece called "The Cube", a more detailed animated illustration of a rotating six-sided shape, as a bonus. The sales offer a peek into the strength of the NFT market, which generates more than $10 million worth of sales every day on digital platforms such as Nifty Gateway or OpenSea. According to the site NonFungible.com, $2 billion has already changed hands through the NFT market in the first part of 2021 alone. (With inputs from agencies)

Artist Pak's creations fetch $16.8 million in first NFT sale at Sotheby's

non-fungible-token

Non Fungible Token, News on Non Fungible Token, stories on Non Fungible Token, articles on Non Fungible Token, Non Fungible Token stories at Wion, Non Fungible Token news, Non Fungible Token latest news

non fungible-token