For anyone that doesn’t know what an NFT is, it is essentially a unique asset that holds no physical form but can be sold in the traditional sense. This could range from anything from ownership of an image, a video, or a digital copy of a painting. Ultimately, NFTs, or non-fungible tokens, are proof of ownership.
For a bit of context, a gif of Nyan Cat, which was a popular meme over ten years ago, sold for just over £365,000 back in February. Amazingly, pop singer Grimes sold some of her digital art for just over £4.5 million shortly after the sale of Nyan Cat. Now, it appears that one of the most popular bands in history is jumping on the bandwagon as well.
According to Voices of Classic Rock Archive (VOCR), they will be perfecting and auctioning off four interviews that have never been heard before from The Beatles, and the highest bidders will take ownership of the NFTs. The interviews are called ‘John Lennon on “A Day in the Life’, ‘Chaos and Creation in the Backyard’, ‘Abbey Road’, and ‘His Lost Medallion’. Each interview includes a .WAV file and a portrait of a Beatle.
Jonathan Firstenberg, the Managing Director of VOCR, said: “The extensive variety of Beatles interviews that we have in our collection are, perhaps, our most comprehensive and valuable assets – that is why we wanted to launch with John, Paul, George and Ringo – the ultimate Classic Rock Stars”.
Adding: “While we considered many ways by which to introduce this archive to the public, we chose to start with NFTs because the current market demand for unique NFT properties comprised of original content seems to be growing at a rapidly accelerating pace. Also, NFT auctions are a remarkably simple and efficient way by which to market audio interviews”.
The interview NFTs have since been up for bidding, and Paul McCartney’s interview ‘Chaos and Creation in the Backyard’ sold for 1.25 Ethereum, which is valued today (14 Dec) at just over £3,600. The other three interviews, however, remained unsold and raises the question as to whether they will go up for auction again.
You can check out the auction results here.