Non-fungible tokens – the rising trend in the world of cryptocurrency?

Non-fungible tokens (“NFTs”), a type of digital asset, are the latest crypto talk in town. On 19 February 2021, the NFT featuring the iconic Nyan Cat meme was sold for US$590,000. Barely three weeks later, the world’s most expensive digital art and the most expensive NFT – Mike Winkelmann’s digital art piece “Everydays: The First 5000 Days” – was sold for US$69.3 million, becoming the third-highest auction price achieved for a living artist, after Jeff Koons’ ‘Rabbit’ stainless steel sculpture and David Hockney’s 1972 “Portrait of an Artist (Pool with Two Figures)” painting. On 22 March 2021, Twitter CEO Jack Dorsey’s first tweet was sold for US$2.9 million. Most recently, TIME Magazine has released three special edition NFT magazine covers for auction, featuring the topical questions “Is God Dead?”, “Is Truth Dead?” and “Is Fiat Dead?”

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