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Seeking Alpha 2021-03-11 16:55:24

What's next for NFTs after Christie's sells Beeple digital art for $69M?

Auction house Christie's sells Beeple's "The First 5000 Days" non-fungible token ("NFT")-based artwork for $69.3M, far eclipsing the $6.6M a video clip created by the digital artist sold for on NFT digital marketplace Nifty Gateway.An NFT represents ownership to a unique digital asset that exists on a blockchain and can't be reproduced. The tokenization allows them to be bought, sold, or traded on an open blockchain ledger.Earlier this month, Twitter founder Jack Dorsey listed an NFT of his first tweet for auction; the highest offer currently stands at $2.5M.Perhaps NFTs will find a bigger following in music and sports.Square's ([[SQ]] +4.5%) agreement to buy Jay-Z's Tidal platform, could be an opportunity for Square, which Dorsey also founded, to use NFTs to help musicians sell their works directly to fans and collectors rather than relying on streaming services such as Spotify.In its press release announcing the Tidal deal, Square said it "sees

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