In a surprising move, the famous internet video from the 2000s, “Charlie bit my finger,” was sold as a non-fungible token for $760,000 over the weekend, marking the 14th anniversary of the online sensation.
3fmusic managed to retain the top position in the bidding competition. Not only that, it also won the opportunity to recreate the modern rendition of the viral video with original stars, Charlie and Harry.
Since the video hit the social media platform Youtube, the video has crossed over 883 million views. But following the auction of the clip as an NFT, the family said that it would delete the video from the platform, the local media outlet reported.
After it emerged in the limelight, NFTs have transformed the digital art space. These non-fungible tokens are responsible for identifying the art piece’s authenticity and its ownership, the two main issues associated with the art.
But if an individual buys a token, he has the right to set the price for the token and the number of available copies. Given that NFTs are non-replaceable, the owner of an art piece can artificially increase its scarcity, eventually triggering a surge in its value.
The non-replaceable token hit the crypto space in 2017, but it rose to the limelight at the beginning of this year. In May, the market hit the $325 million mark in total sales, higher than the 2020s $250 million.
The rise of the new market has facilitated numerous artists over the last few years, and social media platforms have enabled the artists to share their artwork. Yet, with the ease of access to the market, another major challenge for the market is the piracy of the artwork.