Museums, appraisers, and insurance companies are only starting to grapple with the question of what NFT art is worth, reports KevinTDugan
Photo-Illustration: Intelligencer; Photo: Getty Images Priscila has a few things that make her special. Purple lipstick, messy black hair, a mole the size of her pupils. They’re the kind of features that make her valuable as one of the 10,000 collectible non-fungible tokens called CryptoPunks generated by the tech-art group Larva Labs.
NFTs aren’t themselves art, but are a way to show that someone owns a digital work that can otherwise be replicated, just as anyone can buy a poster of the Mona Lisa that hangs in the Louvre. They were largely seen as a tech gimmick in the art world up until last year, when the digital artist Beeple sold a collage of digital photographs for $69.3 million through Christie’s to crypto investor Vignesh Sundaresan.
What makes NFTs so novel is that they’re bought and sold through exchanges, so anyone can see the last transaction. For instance, one of the most popular collections of NFT art are the Bored Apes, a group of 10,000 cartoons with randomly generated features that help determine their value. As I write this, the cheapest one is worth more than a quarter-million dollars, though they can trade for upwards of $2 million, with those prices determined by the trade data on exchanges like OpenSea.
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