People are spending big money for art that they'll never get their hand on — literally. Singer Grimes raked in $5.8 million over the weekend selling digital art that can only be accessed through a special cryptocurrency token. It's the latest, and among the most high-profile, NFT sales to date.
NFTs, or non-fungible tokens, are becoming increasingly popular in the world of online art, allowing for the ownership and trading of scarce digital assets like images, videos, or animations.
While similar to cryptocurrencies like bitcoin in the fact that they can be stored on a blockchain, NFTs are distinct because each token is "non-fungible," or not mutually interchangeable with another token.
According to Mike Steib, CEO of online art marketplace Artsy, NFTs help protect the purchaser in an era when works of art can be copied and reposted online frequently. The tokens allow for the acquisitions and sales of digital-only pieces.
"With a digital asset, they're easily copied, so actually claiming ownership of digital assets is more complicated. Blockchain makes it possible for those digital assets to be encrypted and stored on the blockchain so that the ownership is recorded and is publicly available, and it can't be copied," Steib told Cheddar.
Since NFTs are still very new, Steib said it is hard to tell whether or not it is just a momentary fad or if there is real promise for the usage of the tokens to expand in years to come, particularly in art collecting.
"It's very buzzy right now, and it's not the first time that we've seen a big spike in a market for collectibles. We have seen it in Beanie Babies. We have seen it now in NFTs. We saw it with GameStop stock," he explained. "What is yet to be determined is whether or not this is the beginning of a trend or a short trend."
The CEO said his platform plans to keep an eye on NFTs, noting collectors and traders online seem to be showing a lot of support for them. However, the trading of physical artwork remains the first priority as many artists still struggle to find a marketplace for their work.
"There's a big problem that needs to be solved in the art world, and it's that of the three million people who are working artists, 95 percent of them earn below the poverty line with their art," he said. "And the reason is that the art world is just not big enough today."
Artsy is working to attract more art collectors and make it easier for them to buy online. To do that, the platform is partnering with galleries and auction houses to grow the market for real-world art sales.
"At the same time, we are a servant to our art galleries and our collectors, and if what we hear from them is that NFTs can enhance their practices and the work of their artists, you can be sure that we'll be standing by to help," Steib noted.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
At the core of the ongoing government shutdown is a fight over the decision to end subsidies that let some 12 million Americans get health coverage.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
