Cryptocurrency’s Newest Frontier
The craze for digital artworks known as NFTs exploded in the past year. Why are some people shelling out millions of dollars for them?,
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It started with a picture posted on the internet, and ended in an extravagant cryptocurrency bidding war.
NFTs, or “nonfungible tokens,” have recently taken the art world by storm, making the leap from specialist websites to premier auction houses.
Sabrina Tavernise, a national correspondent for The Times, speaks with the Times columnist Kevin Roose about digital currency’s newest frontier, his unexpected role in it and why it matters.
On today’s episode
NFT mania has reached new highs in recent months, with a digital artwork by an artist known as Beeple selling for $69.3 million. A trading card featuring the quarterback Tom Brady sold for $1.3 million and an NFT of the first tweet from Jack Dorsey, the chief executive of Twitter, went for $2.9 million.
What are these nonfungible tokens and why do people pay so much for them? Here’s a primer.
A picture of Kevin Roose’s column “Buy This Column on the Blockchain!” was put up for auction and sold for about $725,000. He also wrote about the surreal experience of selling the NFT and spoke to a few people who placed bids.
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Transcripts of each episode are available by the next workday. You can find them at the top of the page.
Sabrina Tavernise and Kevin Roose contributed reporting.
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