Why Did Someone Pay $560,000 for a Picture of My Column?

Why Did Someone Pay $560,000 for a Picture of My Column?




Soon after extra than 30 bids, the auction finished at 12:32 p.m. Japanese time, with a successful bid of 350 Ether, or about $560,000. A few minutes afterwards, following the auction system experienced taken its reduce, just about $500,000 in cryptocurrency landed in my electronic wallet. I was shocked. Congratulatory texts and media requests started off pouring in. My colleagues joked about stiffing the charity and slipping off to the Cayman Islands. My editor reported I should not be expecting a elevate.

The total ordeal was surreal, and it elevated the issue: Why would anyone spend the cost of a substantial-conclude Lamborghini on a image of my phrases? Following all, the NFT was just a cryptographic signature joined to an graphic of a column that anybody could browse on The Times’s web site, albeit with a couple of bonus perks. (I also stipulated that I would feature the winner’s name and picture in a follow-up column, and Michael Barbaro, the host of “The Day by day,” gamely agreed to toss in a voice message for the winner.)

The winner, whose manage on the auction web site was @3fmusic, appeared to be a distinguished NFT collector. The profile on the internet site was linked to a Twitter profile belonging to a Dubai-primarily based music production firm, and to an Instagram account determined as that of Farzin Fardin Fard, the company’s main government. The user’s NFT collection involved a selection of other costly digital operates, which includes a $14,000 “emoji portrait” of the musician Billie Eilish and a $8,000 piece titled “Jumping Spider taking pleasure in espresso in the early morning.”

I arrived at out to @3fmusic to supply my congratulations on the purchase and to focus on the bid. They (it’s not very clear if the winner is Mr. Fard or some other unique or various persons) declined to be named — and, simply because of the pseudonymous mother nature of blockchain-centered transactions, there is no uncomplicated way for me to identify them further than the details they volunteered — but they despatched me a assertion over Twitter direct information that read:

“We are by now included in artwork and media for a extended time now,” the message read through. “Our administration staff is generally in cooperation with some very well-informed and expert artwork advisers who think that we ought to grow with technological actions that help us to not only boost our business but also to help artists and the art industry. Therefore, we have proudly decided to dedicate ample cash and assets to commit in NFT as pioneers of this sector.”

They also gave me permission to include things like an impression of their audio studio’s symbol in this column.

Jiannan Ouyang, an NFT collector who dropped out of the auction right after a substantial bid of 290 Ether (about $469,000), explained to me that he had determined to bid on my NFT for both of those personalized and qualified causes. He’s a previous Fb investigate scientist who is now a blockchain entrepreneur, and he’s married to a journalist.

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Posted by Krin Rodriquez

Passionate for technology and social media, ex Silicon Valley insider.