The Economist has created an NFT of our “Down the rabbit hole” cover. The auction to buy it is now live. Proceeds will be donated to Econ_Foundation
JOURNALISM IS ABOUT telling a story, rather than living it. Yet sometimes these realities collide. When a new technology shows promise, experimenting with it can help tell the story. In September we wrote that non-fungible tokens and the crypto infrastructure they sit on could transform finance and the digital economy.
Why would such a set-up exist? NFTs were invented by Anil Dash, an entrepreneur, and Kevin McCoy, a digital artist, to help convey that an item was a digital original. They provide proof that the holder owns that specific token, even if it does not give them copyright or exclusive use of that work. Even Mr Dash seems a little bemused by their popularity.
Monthly NFT-trading volumes on designated art platforms, including Nifty Gateway and Foundation, reached $205m in March this year, with the sale of Beeple’s opus marking the height of the frenzy. The ardour for artwork has cooled since. But the wider market for NFTs is evolving. The idea of issuing a unique token that contains information, proves ownership and has some ownership rights has taken hold for other uses.
But the tokens could also be useful for activities conducted in the real world. Some universities are experimenting with using them to fund research. The University of California at Berkeley raised $50,000 by selling an NFT based on documents relating to Nobel-prizewinning research on cancer immunotherapy as a collectable item. It is planning another, similar auction. The country of San Marino has approved the use of the tokens as digital covid-vaccine passports.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
In Fashion: Supply Chain Shutdown, Start Up and ReinventionThe global network that feeds the economy is overwhelmed and evolving.
Read more »
Biotech Cellino raising $75 million for stem cell therapiesEXCLUSIVE: Rising biotech Cellino is raising $75 million to to make it easier to produce stem cells with AI
Read more »
KPMG is trying out a flexible culture to fight burnout and win talentThe hard-driving consulting industry wants to soften its image. Here's how KPMG is trying out a more flexible, family-friendly culture to combat burnout and win talent.
Read more »
More consumers are buying directly from brands, new survey showsA Google-commissioned Kelton Global consumer survey reveals 60% of consumers are choosing to buy directly from brands GoogleAds ad
Read more »
Colleges are getting rid of student loans, offering grants insteadInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Clubhouse hires Anthony Falzone as its first general counselInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »