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- Chris Sacca considers the $ 69 million NFT sale this week important.
- The venture capitalist said people should ignore non-fungal signs.
- Sacca emphasizes the appeal of collectibles and the value of creators being paid.
- See more stories on Insider’s business page.
Some people will have their eyes rolled at a Christie’s auction this week over the record sales of $ 69 million that a digital artwork sold. They need to pay attention to what the deal means, billionaire investor Chris Sacca tweeted after the news became known.
“No matter how you feel about NFTs, do not look away from this,” he said. He referred to non-fungible tokens that serve as virtual certificates of ownership and authenticity for digital items, and are stored securely on a blockchain.
“It’s good to not know why someone would pay for it, and it’s good to talk about the climate impact,” Sacca continued. “But do not be deliberately ignorant of what is happening.”
Metakovan, the pseudonym buyer of “Everydays: The First 5000 Days” by artist Beeple, receives an NFT confirming that he is the new owner of the piece. However, there is nothing stopping other people from downloading and sharing copies of the artwork.
Sacca – an early investor in Uber, Twitter and Instagram – praised NFTs and allayed concerns of a momentary fad.
“Very cool and I’m a collector by heart,” he said in a Twitter thread last month. “I do not think it’s a bubble, and I think it will work.”
However, the founder of Smallcase Capital and former star of the “Shark Tank” said he will not be releasing physical memorabilia anytime soon. “I have a feeling it’s going to be the technology that’s turning me into the ‘Yes, but I’m just listening to vinyl’ guy, ‘he jokes in the thread.
Sacca praised NFTs as the next frontier for collectibles, praising their creators for allowing royalties to be raised on future resale of their work, in a Forbes interview published this week.
“Collections as a reflection of your identity are powerful,” he said. “And I will never underestimate the beauty of tools that empower creative people to do and get paid for their best shit.”
Billionaire investor and co-star “Shark Tank” Mark Cuban also interviewed NFTs this week, calling the ability to receive royalties a “game changer” for digital commerce.