Single red Pixel is selling as NFT for Rs 6.5 crore; baffled netizens 'don't understand'

Since their arrival on global platforms, NFT based artworks have shaken all corners of the world. Art collectors are now spending unimaginable amounts of money just to secure digital ownership of their favourite works. Recently, an artwork that consisted of nothing but a single red pixel was put for sale and is currently priced at nearly $900,000. 

The red pixel is a part of a digital artwork collection by an artist named ‘Unhomed’, which is now being sold at NFT marketplace OpenSea. The other two parts of the artwork include a pixel in green colour and another in blue. They have all been named by their initials RGB. As per the OpenSea website, all three digital primaries have been priced at 5,000 ethers each. At the present rate, the price of 500 ethers would amount to US$895,715. As of now, no bids have been placed at three pixels. 

Image Credits: opensea.io

Meanwhile, the unreal price of the NFT artworks left YouTuber stunned, who shared his shock on Twitter. His tweet, in turn, has now created a stir on the internet with many pointing out that it was plain “insane”. “I will sell you a matte black pixel for $800,000. DM me,” joked one user. “I accept a Collab with you to post the single Matte Black Pixel NFT at @withFND. 50%/50%. Are you in? “ quipped another. 

What is NFT? 

NFT is a cryptographic token that acts as a non-duplicable digital certificate of ownership for any digital asset. Any item online could be secured by an NFT. For this purpose, the item has to be put in place using an open-source code. Once the code is put in place, it is minted or published permanently using a token.  The NFT artwork movement has been steadily growing and has seen buyers, who are connected to artists via online marketplaces such as Nifty Gateway, Larva Labs and Open Sea, snatching up digital artworks at increasingly high prices.

Image Credits: Unsplash/MKBHD