More than 80 million people have watched a TikTok video in which Idaho man Nathan Apodaca swigs from a bottle of Ocean Spray while skateboarding to Fleetwood Mac's "Dreams." The viewers didn't pay a penny, but they will now have a chance to buy the original 23-second clip for hundreds of thousands of dollars, TMZ reports. Apodaca is selling the clip as a "non-fungible token"—a verified digital original—with bidding starting at $500,000. But the clip will come without the music, since Apodaca doesn't own the rights to it, and the Ocean Spray logo will be blurred. More:
- NFTs explained. Non-fungible tokens have been exploding in popularity in recent months, partially due to the steep rise in cryptocurrency values. Like Bitcoin and other cryptocurrencies, NFTs are linked to blockchain, but as unique originals, they are not "fungible"—they can't be replaced with another of the same value, reports CNN, which likens them to rare coins or sneakers. NFTs include many forms of digital content, including artworks, videos, and even social media posts.
- Musk decides against selling tweet. Elon Musk, who has become a Bitcoin booster in recent months, tweeted a techno song Monday, saying "I'm selling this song about NFTs as an NFT." It was listed on the platform Valuables and bidding reached $1.1 million before Musk decided Tuesday that he didn't want to sell it after all, CNBC reports.
- Non-fungible TP. The Verge reports that Charmin has jumped on the bandwagon and is selling toilet paper designs as NFT, or "NFTP." The company says proceeds from the sales will benefit the Direct Relief charity.
- NFT house sells for $500,000. Digital artist Krista Kim sold an NFT digital house this week for the crytocurrency equivalent of around $500,000, enough to buy a good-sized real house in most parts of America. She tells CNBC that the 3D "Mars House," which the buyer will be able to upload into their own virtual relative "metaverses," is part of her vision for "the next generation of NFT art."
- How this all makes sense. Paying millions of dollars for JPG files and other digital-only assets may seem bizarre, but such assets could be good investments, according to Tyler Cowen at Bloomberg, who likens it to the market for first-edition books. "Keep in mind that as the value of bitcoin and other crypto assets rises, more of the world’s billionaires will trace their wealth to crypto," he writes. "It is unlikely that they are all looking to buy Rembrandts and Picassos."
(Last week, an NFT collage by digital artist Beeple sold for $69.3 million