Reading Time
~ 3 minutes
Spread the Word
Advertisement

A group of ten collectors paid a million dollars for a digital photo of a red rose digital collectible on Valentine’s Day issued on the Ethereum network.

The collectible is reported to have scored the highest price that has been ever paid for a piece of virtual art. Forever Rose, created by Kevin Abosch and GIFTO, was built on a blockchain just like the rest of the cryptocurrencies that are now currently out there.

The work exists mostly as a concept. As the artist explained to CNNPeople traditionally have valued things they can see and feel. But some of the most valuable things — like love, for example — can be felt but not seen, Art reduced to its core essence is about the idea.”

Digital Collectible Sold for $1 million on Valentine’s Day

The assignment of value is a very human thing, and it is somewhat expected that it will also be applied to our technological advancements. Seeing as blockchain is the current technological development, the number of blockchain based nonfungible collectibles is seeing a rapid growth.

CryptoKitties was not the first non-fungible token (NFT) that was ever created, but it was the first one to get mainstream attention. Since its release on November 28, 2017, it quickly became popular, making its creators millions of dollars and almost bringing down Ethereum’s network in the process.

CryptoKitties Marked the Begining of the NFTs era

The project was seen by many critics as being a useless endeavor, as it has no purpose or use, which is one of the basic features of most collectibles. But, eventually, CryptoKitties was not just a useless amusement game for those that wanted to own a digital pet. Its popularity has facilitated the development of the non-fungible ERC -721 token standard on which most of today’s collectibles are based.

The soaring popularity of Cryptokitties created many opportunities for developers, enabling them to create other non-fungible token collectibles while also having some certainty that there will be money at the end of the project.

With the creation of virtual reality universes such as Decentraland, we can expect to see a market increase for NFT as its contributors’ design world games and make virtual goods for them. Like many collectibles, NFTs can be just a temporary craze and in time most of them will lose their value, but a few special ones may end up becoming a technological work of art in the future.

Advertisement
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.