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 bidder will be able to claim ownership of a digital file described as an "audio/visual collectible" in which Julian Lennon describes a "distinctive heartfelt memory".
Singer-songwriter, writer and artist Julian Lennon said, "I feel incredibly fortunate to live in a day and age where innovation allows me to share such personal pieces of my Lennon family history."
“Through this NFT collection, I am able to grant exclusive access to special items that I cherish and carry forward my father’s legacy in a new way.”
Non-fungible tokens (NFTs) use the blockchain to record who owns a digital file, such as an image, video or text.
Although NFTs are sometimes sold alongside physical goods, as a type of digital certificate of authenticity, ownership of an NFT does not confer ownership of the underlying commodity – rather, it is considered a type of digital bragging rights. can be considered as
Such sales have nevertheless exploded in popularity, with NFT artifacts selling for millions of dollars.
In this case, buyers of the Beatles NXT will not receive a guitar or a physical piece of paper. What they will get is a unit of blockchain data recording an NFT attached to a digital file showing items in their crypto wallet.