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- NFTs are a sort of digital asset used to prove ownership of a one-of-a-kind virtual item, such as online photos and movies
- Tim Berners-Lee, a British computer scientist and web inventor, created the web NFT
- It includes time-stamped files comprising Berners-source Lee’s code, an animated representation of the code, a letter written by Berners-Lee about the code and its construction, and a digital poster of the entire code
Since 1989, when Berners-Lee established the web, crypto assets have represented ownership of numerous digital goods. Sotheby’s said on Wednesday that an NFT of the original source code for the World Wide Web, created by its inventor Tim Berners-Lee, sold for $5.4 million in an online auction. A non-fungible token (NFT) is a type of crypto asset that registers ownership of digital goods.
NFTs of artwork, music, and internet memes have been sold for millions of dollars. It includes time-stamped files comprising Berners-source Lee’s code, an animated representation of the code, a letter written by Berners-Lee about the code and its construction, and a digital poster of the entire code. Berners-Lee will digitally autograph each of them.
The NFT’s creator
The NFT, which was auctioned on Wednesday, was developed in 2021 by English scientist Tim Berners-Lee and signifies ownership of numerous digital goods dating back to 1989, when he invented the internet. The transaction effectively includes a blockchain-based ownership record of files including the original source code for the internet. Half of the bidders were new to Sotheby’s and the ultimate price was $5,434,500.
NFTs, whether they’re artworks or digital artefacts like these, are the most recent playful creations in this sphere, and the most acceptable means of ownership available, according to Berners-Lee. Some consider the NFT valuable since its blockchain foundation certifies that it is one-of-a-kind and was formally created, or coined, by Berners-Lee himself.
The symbolism, the history, and the fact that they come from the creator are what make them precious, and many people collect them for those reasons, according to Cassandra Hatton, Sotheby’s global head of science and popular culture. We put it up for auction in a public forum, sold it with almost no reserve (bids started at $1,000), and let the market decide how much it was worth. There have been several bidders, all of whom agree that it is valuable.
NFTs representing about 9,555 lines of code created in 1990-1991, a 30-minute animated visualisation of the code, a digital poster of the code, and a digital letter written by Berners-Lee in June 2021 commenting on his invention are all included in the purchase.
Previous decisions made by Tim Berners Lee
Tim Berners-Lee had previously justified selling the NFT by comparing it to an autographed book. Berners-Lee told the Guardian in a recent interview that this is completely in line with the web’s objectives. He isn’t even offering the source code for sale. He’s selling a picture of what the source code would look like if it was stuck on the wall, which he created with a Python programme he wrote himself.
The auction is the latest in a string of initiatives by established auction houses to embrace blockchain-based assets, which became popular in early 2021 and have since grown in popularity.
In March, Christie’s sold an NFT of a digital collage by American artist Beeple for $69.3 million, marking the first time a major auction house sold an artwork that does not physically exist. Twitter CEO Jack Dorsey sold his first tweet for $2.9 million in NFT form.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
