New York Times turns a column into an NFT and sells it for US$560,000

"Buy This Column on the Blockchain!" from journalist Kevin Roose was turned into an NFT and auctioned off on the open market. PHOTO: AFP

NEW YORK (BLOOMBERG) - The New York Times sold an article tied to an NFT, or nonfungible token, for about US$560,000 (S$755,000), another sign of the red-hot market for digital collectibles.

"Buy This Column on the Blockchain!" from Times journalist Kevin Roose was turned into an NFT and auctioned off on the open market, with the proceeds going to the newspaper's Neediest Cases Fund, which supports charitable causes.

The actual subject of the column published on Wednesday (March 24) was NFTs, which carry certificates of authenticity proving that online works of art are unique. NFTs are tied to digital ledgers such as blockchains and are difficult to fake.

On Thursday, Mr Roose tweeted that it had sold.

There's been a boom in sales of NFTs. In March, a work by the digital artist Beeple sold for US$69 million at Christie's to Singapore-based entrepreneur Vignesh Sundaresan.

"Why can't a journalist join the NFT party, too?" Mr Roose wrote in this column.

Times shares briefly rose on Roose's tweet, a sign that some investors may have momentarily thought the publisher had discovered a lucrative new business.

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