|
 Instead, the auction is a sale
of non-fungible tokens (NFTs), a type of digital
asset. Each winning bidder will be able to claim
ownership of a digital file described as an
"audio/visual collectible" in which Julian
Lennon narrates a "specific heartfelt memory".
"I feel incredibly lucky to live in a day and
age where innovation allows me to share such
personal pieces of my Lennon family history,"
said Julian Lennon, who is a singer-songwriter,
writer and artist.
"Through this NFT collection, I'm able to grant
exclusive access to special items that I cherish
and carry on the legacy of my father in a new
way."
Non-fungible tokens (NFTs) use blockchain to
record who owns a digital file, such as an
image, video or text.
Although NFTs are sometimes sold alongside
physical items, as a sort of digital certificate
of authenticity, owning an NFT does not confer
ownership of the underlying item - rather, it
can be thought of as a kind of digital bragging
rights.
Such sales have nevertheless exploded in
popularity, with NFT artworks selling for
millions of dollars.
In this case, the buyers of the Beatles NFTs
will not receive a guitar or physical piece of
paper. What they will get is a unit of
blockchain data recording that their crypto
wallets own an NFT linked to a digital file
showing the item.
So for the "Hey Jude" notes, which show Paul
McCartney's doodles and drawings, the buyer will
receive an NFT of an image of the object
"brought to life in an even more personal way
through Julian Lennon's exclusive audio
narration", the auction website says.
[to top of second column]
|
 Bids on this NFT were at
$50,000 as of Tuesday afternoon.
"It really made me learn to love Dad again
because I just saw him the way I remembered him
back in the day when I was a kid and when I was
with him around those years," said Julian in an
interview with Reuters on Tuesday.
"So it was very special to me."
The sale also includes an NFT representing an
image of an Afghan coat that John Lennon wore on
the set of the 1967 film "Magical Mystery Tour"
and an NFT of an image of a black cape he wore
in the 1965 film "Help!". Bids on these were
last at $8,000 and $6,000 respectively.
Surging interest in crypto assets has led
traditional auction houses such as Christie's
into NFT sales. The Lennon auction is run by
Julien's Auctions and YellowHeart NFT and closes
on Feb. 7.
Bids can be placed online or at a physical
auction in Beverly Hills. Payments are allowed
in various cryptocurrencies including bitcoin,
ether and dogecoin.
An unspecified portion of the proceeds will be
donated to the White Feather Foundation, which
Julian Lennon said in a Tweet would "offset" the
carbon emissions linked to the auction via a
carbon removal marketplace called Nori.
The blockchain technology used for NFTs and
cryptocurrencies has been criticized for their
large carbon footprints.
(Reporting by Elizabeth Howcroft; Editing by
Sujata Rao, Catherine Evans and Karishma Singh)
[© 2022 Thomson Reuters. All rights
reserved.] This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |
