What is the value of the world’s first meta-NFT?
Until recently, if you wanted to own a rare item, you had to purchase it in physical form. Rare and interesting items have attained significant value: Marylin Monroe’s “Happy Birthday Mr. President dress” was sold for $4.8M. The most expensive baseball card to date went for $5.2M. The first book ever printed in the United States has 11 remaining copies, and one of them was sold for over $14M in a 2013 auction.
Thanks to NFTs, this kind of value is no longer limited to the physical domain. NFTs are revolutionizing the world of collectibles, and making it possible to purchase and own rare digital items — not just physical ones — and the possibilities are astounding. This recent VICE article lists some of the most valuable NFTs to date, such as “CryptoPunk #7804” — sold for $7.5 million, The first tweet ever — highest bid at $2.5 million, Nine plots of virtual land on the blockchain gaming platform Axie Infinity — sold for $1.5 million, and of course, Beeple’s “Everydays: The First 5,000 Days” —which sold for $69.3 million.
This made us wonder: if NFTs can represent anything from digital artwork, through virtual plots of electronic land, all the way to tweets and newspaper articles, can they even represent other NFTs?
We gave it a try, and created:
The NFT for this image is very likely the first of its kind. We cemented it onto the blockchain on Mar-21–2021, at exactly 07:29:55 AM (UTC), and that time is permanently recorded in the Ethereum transaction. When we minted the token, we made sure that the bits of information that connect it to Beeple’s NFT are cryptographically signed in a way that cannot be removed. No one, including us, can modify it. And it’s impossible to create an earlier one. Ever.