This 10-Second Video Clip Has Been Sold For a Whopping Rs 48.3 Crore, But Why?

New Delhi: In the era of technology and digital revolution, anything is possible! Turns out a 10-second video clip has just been sold for a whopping Rs 48.4 crore ($6.6 million) in London. According to a Reuters report, US-based art collector named Pablo Rodriguez-Fraile, a resident of Miami, produced a video last year by spending $ 67,00 (49.23 lakh). Last week, the same 10-second video was bought for $ 6.6 million (about Rs 48.47 crore) Also Read – Fact Check: Milk to Be Sold at Rs 100 Per Litre From March 1, 2021? Know The Truth Behind The Claim

But why? Notably, this video, a new type of digital asset also known as a non-fungible token (NFT), by digital artist Beeple was authenticated by blockchain. Blockchain technology allows items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced. The particular video shows former US president Donald Trump lying on the ground and his body covered in slogans, while people walk past it.

Sharing the video, Reuters wrote, ”A 10-second video clip sold for $6.6 million: A new type of digital asset known as a non-fungible token (NFT) has exploded in popularity as enthusiasts and investors scramble to spend money on items that only exist online.”

Watch the video here:

A 10-second video clip sold for $6.6 million: A new type of digital asset known as a non-fungible token (NFT) has exploded in popularity as enthusiasts and investors scramble to spend money on items that only exist online https://t.co/2wrD4iFdkS pic.twitter.com/3St8ERSllo

— Reuters (@Reuters) March 1, 2021

‘Non-fungible’ refers to items that cannot be exchanged on a like-for-like basis, as each one is unique – in contrast to ‘fungible’ assets like dollars, stocks or bars of gold.

“You can go in the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn’t have any value because it doesn’t have the provenance or the history of the work. The reality here is that this is very, very valuable because of who is behind it,” said Rodriguez-Fraile, who said he first bought Beeple’s piece because of his knowledge of the U.S.-based artist’s work.