Do you really think he isn’t looking into this new phenomenon?
MetaKovan says he purchased 20 artworks by Beeple for $2.2 million in December and decided to make shares of the collection available to the public through a digital token, similar to a share in a company. He created 10 million tokens, called B.20, making around 25 percent of them available to the public and keeping about 50 percent for himself, according to a description of how the token would work from MetaKovan’s investment fund.
“Metakovan's use of Ethereum is a big win for cryptocurrency mainstream adoption. Ethereum could dominate the NFT (non-fungible token) marketspace and that could provide another key layer of underlying support. This is just the beginning of the craze for NFTs,” Edward Moya, a senior market analyst for world-leading online multi-asset trading services, currency data and analytics provider OANDA, said in an email interview.
Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. Launched in 2015, the ether digital token (ETH) has ballooned into the second-largest cryptocurrency in the world by market value. NFTs are cryptographic assets with unique identification codes and metadata to differentiate each one. Unlike cryptocurrencies, such as ether and Bitcoin, they cannot be traded or exchanged at equivalency. Cryptocurrencies are identical fungible tokens used for commercial transactions in place of traditional paper money.