The home video “Charlie Bit My Finger,” a non-fungible token (NFT), was auctioned for $ 760,999 on Sunday, the 14th anniversary of the viral sensation from its 2000s debut on YouTube.
By outbidding the competition, the music and recording studio 3fmusic also won the opportunity to create a modern rendition of the classic clip with original stars Harry and Charlie.
Since uploading to YouTube, the home video with toddler Harry and little brother Charlie has received more than 883 million views. The Davies-Carr family said they would delete it from the platform after Sunday’s auction. Reports CNN.
Rest in peace, Charlie bit my finger. A piece of YouTube history will be gone forever since it is auctioned off as an NFT. pic.twitter.com/LJcM4ECIa7
– Crimson Mayhem (@Crimson_Mayhem_) May 21, 2021
The use of NFTs for digital creative work
NFTs are unique digital assets supported by blockchain technology. you consist of the identification of information stored in smart contracts This allows verification of their authenticity and ownership, the two main problems in connection with digital works of art.
Anyone who manufactures or “mints” an NFT can set both the price and the number of copies. Since NFTs cannot be replicated, the creator can maintain the scarcity or uniqueness of their wealth and artificially increase their value.
Applying copyrights to NFT can be defined in two ways: one where the buyer owns the copyright and the second where the artist retains the copyright.
Recent surge in popularity
Despite having been in the crypto space since 2017, NFTs hit the mainstream news this year, spending more than $ 325 million on closed sales in May. This represents a massive surge in popularity compared to the total NFT volume of $ 250 million traded throughout 2020. Which shows data from Not fungible.
The Internet and social media allowed artists to upload and share their digital works of art, but unfortunately, along with the ease of advertising came the online piracy of these works.
Not only does blockchain technology help verify the authenticity and ownership of works of art, but it also enables artists to really monetize their work.
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