Non-fungible tokens explained: Viral video sells for almost $1 million
A non-fungible token (NFT) of a viral video has sold for almost $1 million.
The Charlie bit my finger video, which is one of the most viewed videos on YouTube, with more than 880 million views, was sold at auction for $980,000.
As part of the sale, the video has been deleted from YouTube.
Sales of NFTs are gaining popularity, with digital art and memes selling for hundreds of thousands of dollars.
Technology expert and editor of EFTM, Trevor Long, explained what NFTs are.
“Think of it like a certificate of authenticity,” he told Ross and Russel.
“Think about memorabilia — you buy a boxing glove from Jeff Fenech and how do you prove … that it’s the same one that was originally sold?
“That certificate of authenticity … that’s what proves what it really is.”
The owner of an NFT is the person who can monetise that digital asset.
Mr Long says ‘Charlie bit my finger’ won’t be the last viral video sold this way.
“We’re going to see more of these kind of viral videos being sold by this,” he said.
Press PLAY below to hear Mr Long explain what an NFT is