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So you spent millions on an NFT. Here's what you actually bought.

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On March 11, 2021, Christie’s, the 255-year-old auction house, made international news with the $69 million sale of a non-fungible token (NFT). The transaction dwarfed previous head-turning blockchain-art sales, and rode a wave of coverage debating the merits and environmental costs of this relatively new art form.

But what, exactly, did the pseudonymous Christie’s bidder MetaKovan actually buy?

The artwork the NFT represents, Beeple’s “Everydays: The First 500 Days,” exists first and foremost in the digital space, and is freely available for everyone to see online. Christie’s even tweeted a picture of it. So it’s not the artwork itself or, at least, not only the artwork that was purchased. Read more…

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