How a 10-Second Video Clip Sold For $6.6 Million

In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million. Reuters reports: The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work. It's a new type of digital asset - known as a non-fungible token (NFT) - that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online. Blockchain technology allows the items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced. The computer-generated video sold by Rodriguez-Fraile shows what appears to be a giant Donald Trump collapsed on the ground, his body covered in slogans, in an otherwise idyllic setting.

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