What’s the future of NFTs?

This appeared in The Millennial Source

“The high-end art world and its auction agents and houses have been impacted and will be heavily disrupted,” Bruno Fruscalzo, an NFT curator and creator, told TMS, adding that, “the music business has already been turned on its head.”

Last week, art auction house Christie’s sold a non-fungible token (NFT) entitled “The First 5,000 days” by the graphic designer Beeple for a grand total of more than US$69 million, making the first NFT sold by such a reputable auction house also the most expensive ever sold to this point.

The high price tag rivals the costs associated with paintings by Picasso, Monet, or Van Gogh and leaves many wondering what industries might next be disrupted by future uses of NFTs.

Beeple isn’t the only one cashing in on the NFT explosion.

Twitter chief executive officer Jack Dorsey has his first ever tweet up for auction as an NFT right now, the price reaching well into seven digits. Canadian artist Grimes sold a collection of her digital art for around US$6 million at the beginning of the month.

Even Elon Musk is getting in on the action, tweeting Monday, “I’m selling this song about NFTs as an NFT,” with a video attached of a digitally generated piece of art and music that involved “NFT” in the lyrics.