If you search for an image on the internet, there’s a good chance that you’ll find multiple copies of it used on a variety of websites. This is because with digital art, it’s not difficult to save an image to your computer and reupload it. Short of crediting the creator or placing a watermark, sometimes it can be difficult to determine who owns it.
This is a problem NFTs try to solve, by creating digital items where ownership can be verified by using blockchain technology, the same tech behind cryptocurrency. This has led to a variety of digital artworks being sold as NFTs which allow people to claim digital ownership over an image, but have we gone a bit too far?
We ask that because according to a report from Hypebeast, someone actually paid a whopping $650,000 for an NFT yacht called The Metaflower Super Mega Yacht. The NFT was bought for 149 ETH, which based on its current value is worth around $650,000 in real-life money. The yacht is an NFT asset part of The Sandbox, which is a metaverse game in which consists of 100 private islands which have been sold to buyers similar to how you would buy a piece of property or land in real-life.
It is a pretty insane thing to think about how people are spending over half a million dollars on what is essentially an in-game item. If you’re wondering what a $650,000 NFT yacht looks like, you can check out the video above.