NFT Beatles memorabilia up for auction

NFT Beatles memorabilia up for auction

Sydney, 2022-01-25 22:19:00. NFT Beatles memorabilia up for auction

LONDON – John Lennon’s son Julian is auctioning off Beatles-related memorabilia, including three guitars given to him by his father and handwritten notes about the 1968 song “Hey Jude” – but not physically.

Instead, the auction is the sale of non-fungible tokens (NFTs), a type of digital asset. Each winning exhibitor will be able to claim ownership of a digital file described as an “audio/visual acquisition” in which Julian Lennon relates a “certain honest memory”.

“I feel very fortunate to live in a day and age where innovation allows me to share such personal pieces of Lennon’s family history,” said Julian Lennon, a singer, songwriter, writer, and artist.

“Through this NFT collection, I can give exclusive access to the special items I cherish and continue my father’s legacy in a new way.”

Non-fungible tokens (NFTs) use the blockchain to register who owns a digital file, such as a photo, video, or text.

Although NFTs are sometimes sold alongside physical items, as a kind of digital certificate of authenticity, owning an NFT does not confer ownership of the underlying item—instead, it can be seen as a kind of digital bragging rights.

However, these sales went viral, with NFT artworks selling for millions of dollars.

In this case, NFT Beatles buyers will not receive a physical guitar or piece of paper. What they will get is a blockchain data logging unit whose encrypted NFT wallets have attached to a digital file displaying the item.

So for the “Hey Jude” notes, which feature Paul McCartney’s drawings and graphics, the buyer will receive an NFT of the image of the object “resurrected in a more personal way through Julian Lennon’s exclusive audio narration,” the auction website says.

Bids on the NFT were at $50,000 as of Tuesday afternoon.

“It really made me learn to love my dad again because I saw him as I remembered him that day when I was a kid and when I was with him in those years,” Julian said in an interview with Reuters on Tuesday.

“So it was very special to me.”

The sale also includes an NFT representing an image of an Afghan coat worn by John Lennon on the set of the 1967 movie “Magical Mystery Tour” and an NFT of an image of the black robe he wore in “Help!” 1965. Bids on these two properties last time were $8000 and $6000, respectively.

Increased interest in crypto assets has led to traditional auction houses such as Christie’s entering NFT sales. Lennon’s auction is operated by Julien’s Auctions and YellowHeart NFT and closes February 7.

Bidding can be submitted online or at a physical auction in Beverly Hills. Payments are allowed in different cryptocurrencies including Bitcoin, Ether and Dogecoin.

An unspecified portion of the proceeds will be donated to the White Feather Foundation, which Julian Lennon said in a tweet would offset carbon emissions associated with the auction via a decarbonization marketplace called Nuri.

The blockchain technology used in NFTs and cryptocurrencies has been criticized for its significant carbon footprint.

(Reporting by Elizabeth Hawcroft; Editing by Sujata Rao, Katherine Evans and Karishma Singh)

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