"Quantum": First NFT artwork auctioned for $ 1.5 million

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The animation "Quantum" is considered to be the first NFT work of art

Photo: TIMOTHY A. CLARY / AFP

The first work of art ever created on the basis of NFT technology was auctioned for 1.47 million dollars (around 1.2 million euros).

The animation "Quantum" by New York artist Kevin McCoy went under the hammer at Sotheby's on Thursday.

Another NFT work of art was auctioned: The pixelated digital figure "Cryptopunk 7523" achieved 11.7 million euros at the auction.

This made it the second most expensive NFT work of art to date.

Kevin McCoy's »Quantum« had already received a certification comparable to NFT technology in 2014 and is therefore the first work of art of its kind. The term NFT was only coined three years later.

NFT stands for Non-Fungible Token - a virtual good that is unique and not exchangeable.

Like cryptocurrencies, the system is based on blockchain technology.

In contrast to cryptocurrencies, a non-fungible token is unique and to a certain extent a virtual collector's item that can be sold or exchanged using a certificate.

A real hype has recently broken out around NFT.

The technology had come into focus at the auction of the works of the artist Beeple in the auction house Christie's.

Sotheby's rival auctioned Beeple's digital collage "Everydays: The First 5000 Days" in March for the record price of $ 69.3 million.

Since April, however, the price trend on the NFT market has slowed down.

Some experts already see this as a possible end to the trend.

sol / dpa