Ten-second video sold for $6.6million

Ten-second video sold for $6.6million

Art is never really cheap, but can this short film really be worth this much?

Crossroads beeple

Art is completely subjective.

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Sometimes a large group of people can feel exactly the same way about a piece of art or there is a large group of people who don't like the piece you poured your blood sweat and tears into.

It could be a hard, heartbreaking profession or you could be sitting pretty with a few million dollars.

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Another dividing aspect of art is: what is considered art? 

It used to be just painting and sculpting.

Now cinema, music, drawings, writing, and more are considered art.

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While people have no problem paying for the art they enjoy, some people have questioned the following art purchase.

Just last year, Pablo Rodriguez-Fraile spent around $67,000 on a 10-second piece of video artwork that was available for free online.

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But it turns out Pablo was on to something.

Last week he was able to sell the video for $6.6-million - that's R90.2-million!

The next logical thought is: who created this incredibly sought-after piece of art?

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Mike Winkelmann, who is also known as Beeple, is a digital artist and creator of the video.

Usually, a painting might have an artist's signature to confirm authenticity, but how do you prove the authenticity of a digital video?

They were able to authenticate the video by using a blockchain, which is s digital signature that certifies who the owner is and confirms if it is the original work.

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Turns out this type of digital asset is brand new and is known as a non-fungible token (NFT), with the interest in these online-only items having grown significantly during the pandemic.

Investors and enthusiasts are spending enormous sums of money on these one-of-a-kind items that are extremely difficult to duplicate.

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"Non-fungible" means that an item cannot be exchanged on a like-for-like basis, as each one is unique unlike assets such as gold bars, stocks, or dollars which are "fungible".

Examples of NFTs range from digital artworks and sports cards to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet.

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Back to the original artwork: the video seems to be depicting a facedown Donald Trump, collapsed on the ground, his body covered in slogans.

Watch the video and decide for yourself: is it really worth $6.6 million?

While we're not ones to judge, is this video truly worth such an exuberant amount of money?

At the end of the day, whoever was willing to pay that much, hopefully, enjoys watching their video.

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Main image courtesy of YouTube

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