Non-fungible tokens, or NFTs, are a hot item, with pieces from now-household name Beeple and Twitter (TWTR) - Get Free Report founder Jack Dorsey and most recently the NFT of a "CryptoPunk" character fetching $11.8 million creating a whole new way to own art.
But none are hotter than this one.
Max Denison-Pender, a 23-year-old London-based artist, has what is arguably the hottest NFT ever made – a self-portrait of Denison-Pender in a fireproof spacesuit -- painted, then destroyed by being dropped by drone into Iceland's Gerlingadalur volcanic eruption,
The auction, began March 19,
The one-of-a-kind NFT titled "Take Me to the Moon" with the words "ÞETTA REDDAST" -- an Icelandic saying translating to "Everything's going to be alright," sold for on NFT marketplace OpenSea.
According to the auction site, the NFT sold on June 16, 2021. Tokens were transferred via WETH (Wrapped ETH), which is one of the two currencies used by the NFT Marketplace OpenSea. The WETH value was $91,960.80 on the day of the token transfer.
"I figured if I was going to do an NFT, it had to be the coolest, hottest NFT I could think of," Denison-Pender told TheStreet. "And while in Iceland, the volcano erupted, so that's how that came about."
NFTs are cryptographic tokens similar to Bitcoin or Ethereum. Unlike those cryptocurrencies, NFTs can be digital art, an experience, a collectible, and many other things -- including a video of a painting being consumed by a volcano.
With NFTs, each asset is completely unique for each owner, verified by Blockchain, and is not interchangeable.
While Denison-Pender has ambitious plans to travel to the moon one day (hence the title of his NFT), collect moon dust and use it in a painting, he has no intention of destroying that work and creating another NFT.
"If I'm going, to be honest, it's crazy," said Denison-Pender. "Perhaps this is the way the art world is going, but what can I do about it. I'm just an artist."
Editor's note: This story was updated on August 7, 2021, to reflect the sale of the NFT