WEBVTT
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EXPLAIN FOR US.

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KERRY, MORNING.

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>> Reporter: GOOD MORNING.

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I’M IN WINWOOD HERE IN MIAMI.

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THIS IS KNOWN AS WINWOOD WALLS.

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EVERY DAY, PEOPLE COME HERE AND

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SNAP PICTURES.

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THIS AREA HERE, WHICH WAS ONCE

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CRIME RIDDEN, IS NOW A

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HAPPENING, HIPSTER HANGOUT

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BECAUSE OF THE ART.

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THE ART HERE, OF COURSE, IS

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PERMANENT.

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NOW, ARTISTS ARE DISCOVERING

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THAT DIGITAL CREATIONS CAN BE

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WORTH MILLIONS.

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HOW MUCH WOULD YOU PAY FOR THIS?

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THIS OR THIS?

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THESE JUST SOLD FOR HUNDREDS OF

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THOUSANDS OF DOLLARS EACH.

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IN THE CASE OF CROSSROAD, FOR

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MORE THAN $6 MILLION.

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WHAT COLLECTORS PAID FOR WERE

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NOT PHYSICAL PIECES THAT YOU’D

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TRADITIONALLY SEE IN MUSEUMS.

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THEY’RE BUYING THE ORIGINAL

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DIGITAL ARTWORKS.

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>> I LIKE TO THINK OF IT AS SORT

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OF LIKE ALMOST LIKE A MASTER

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RECORDING VERSUS AN MP3.

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A BUNCH OF PEOPLE CAN HAVE

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COPIES OF MICHAEL JACKSON’S

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THRILLER, BUT ONE PERSON OWNS

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THE MASTER RECORDING.

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>> ONE IMAGE FOR EACH 5,000

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DAYS.

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>> Reporter: THE ARTIST BEHIND

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CROSSWALK.

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HIS LATEST WORK, "EVERY DAYS,"

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THE FIRST 5,000 DAYS, IS A

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DIGITAL COLLECT 13 YEARS SCLOJ 1

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MAKING.

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IT’S THE FIRST DIGITAL PIECE OF

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ARTWORK CHRISTIE’S EVER PUT UP

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FOR AUCTION.

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WHAT DO YOU SAY TO FOLKS THIS

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MORNING SHAKING THEIR HEAD

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GOING, I DON’T GET IT?

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>> THIS IS A COUNTERINTUITIVE

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WAY TO THINK ABOUT POSSESSION,

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RIGHT?

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THE IDEA THAT SOMETHING

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INTANGIBLE CAN BE VALUABLE IS

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NOT THAT SHOCKING TO ME.

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THIS IS AN ASSET THAT IS GOING

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TO MAINTAIN ITS VALUE.

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>> Reporter: WHICH IS GREAT

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NEWS.

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BIDDING IS CURRENTLY AT $4

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MILLION AND CLIMBING.

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DO YOU GET A PIECE OF THE

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ACTION, OR ONCE IT’S DONE, IT’S

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DONE?

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>> THERE IS A 10% ARTIST

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ROYALTY.

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>> Reporter: ON THE SURFACE,

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BUYERS APPEAR TO BE PURCHASING

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WHAT IS ALREADY ON THE INTERNET

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FOR FREE.

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LIKE THIS VIDEO OF A MONSTROUS

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DUNK BY LeBRON JAMES.

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THE CLIP RECENTLY SOLD AS A

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DIGITAL TRADING CARD FOR

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$208,000.

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BUT YOU CAN STILL WATCH IT

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ONLINE AT NO COST.

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THE FIRST EVER TWEET BY TWITTER

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CO-FOUNDER JACK DORSEY IS ALSO

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FREE TO SEE AND NOW UP FOR

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AUCTION.

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SO FAR, THE BIDDING IS AT $2.5

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MILLION.

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>> THIS IDEA OF OWNING A FILE,

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THAT’S A VERY FOREIGN CONCEPT.

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I THINK, YOU KNOW, AS TIME GOES

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ON, PEOPLE WILL WRAP THEIR HEADS

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AROUND IT.

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>> NOT SURE PEOPLE WILL.

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KERRY, SO MANY QUESTIONS HERE.

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HOW DO YOU EVEN BUY THESE

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DIGITAL ITEMS?

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I’M ASSUMING THAT COLD HARD CASH

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ISN’T ON OPTION.

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>> Reporter: THAT’S RIGHT.

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IT’S ALL ABOUT THE DIGITAL

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CRYPTOCURRENCIES, LIKE BITCOIN

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OR ETHEREUM.

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HOW DO YOU PROVE YOU OWN IT?

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OKAY, IT’S A LITTLE COMPLICATED.

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YOU GET AN NFT, A NON-FUNDABLE

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TOKEN, WHICH IS ASSIGNED TO THE

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BLOCK CHAIN WITH A NUMBER THAT

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ONLY YOU GET.

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AND THEN YOU OWN IT.

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YEAH, IT’S AN INTERNET THING.

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COMPLICATED BUT IT’S --

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>> SAVANNAH HAS A VERY IMPORTANT

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QUESTION.

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>> NO.

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>> YES.

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>> MY QUESTION IS, HUH?

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REALLY, WHAT DO YOU DO WITH IT?

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IF YOU HAVE A DIGITAL FILE THAT

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YOU PAID $2.5 MILLION FOR.

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>> Reporter: IT’S YOURS.

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>> THEN WHAT?

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YOU CAN’T HANG IT UP.

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>> Reporter: I KNOW.

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WELL, I GUESS YOU COULD SAY IT

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IS LIKE ART.

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>> SHOW IT TO YOUR FRIENDS.

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HERE IT IS, I HAVE IT HERE.

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THEY’RE LIKE, YEAH, ME, TOO.

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>> I PAID $2.5 MILLION FOR IT.

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>> YOU’RE AN IDIOT.

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>> Reporter: YOU CAN RESELL IT.

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I DON’T KNOW, GUYS.

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LITTLE CONFUSING.

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>> KERRY, WE DON’T WANT TO SHOOT

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THE MESSENGER.

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IT IS SO CRAZY.

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>> THAT WAS AN ENTERTAINING END.

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THANKS, KERRY.

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>> THANK YOU.

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>> WHAT?

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>> A LOT OF PEOPLE WITH A LOT OF

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MONEY THERE.

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>> $3 MILLION.

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>> YOU OWN IT, BABY.

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>> I’M SELLING IT, RIGHT NOW.

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YOU CAN HAVE THIS.

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YOU WATCH IT EVERY DAY FOR FREE.