Why would anyone pay $600,000 for a cat meme, downloaded millions of times, and easily accessible to all on the internet? What does it say about our yearning to purchase and possess that one collector was willing to shell out thousands of dollars for a few-second clip of LeBron James slam-dunking? NFTs (the abbreviation stands for “non-fungible token”) are unique digital assets bought with cryptocurrency (Bitcoin, Ethereum or Dogecoin, for example). In some cases, such as memes, the images are widely accessible, and the purchase doesn’t halt their circulation and use. Twitter founder Jack Dorsey’s first-ever tweet from 2006—“just setting up my twttr”—is now valued at $2.5 million (1630.6 Ethereum). In creating a tokenized version of the tweet, he gave the buyer digital rights of ownership. This story is from Kinfolk Issue Forty-One Buy Now Related Stories Arts & Culture Issue 51 Emily Gernild The Danish painter breathing new life into an old medium. Arts & Culture Food Issue 51 Imogen Kwok The artist takes food styling quite literally, creating accessories out of fruits and vegetables. Arts & Culture Design Issue 51 How to Make a Chair And do it on a tiny budget. Arts & Culture Issue 51 Odd Jobs The comedian with strong opinions about your home décor. Arts & Culture Issue 51 Tall Order The hidden depths of height. Arts & Culture Films Issue 51 Vicky Krieps An interview with the actor.
Arts & Culture Food Issue 51 Imogen Kwok The artist takes food styling quite literally, creating accessories out of fruits and vegetables.
