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 no must be physically.
Instead, the auction is about selling 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 collection,” in which Julian Lennon recounts a “specific heartfelt memory.”
Julian Lennon, a singer, songwriter, writer and artist, says: “I feel incredibly fortunate to live in an era where innovation allows me to share such personal pieces of the puzzle. my Lennon family history,” said Julian Lennon, a singer-songwriter, writer and artist.
“Through this NFT collection, I am able to grant exclusive access to special items that I cherish and continue 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 items, as a type of digital certificate of authenticity, owning an NFT does not confer ownership of the underlying item – rather, it can be seen as a kind of digital bragging rights.
However, such sales have exploded in popularity, with works of art by NFT selling for millions of dollars.
In this case, NFT buyers of The Beatles will not receive an actual guitar or piece of paper. What they will receive is a blockchain data logger whose crypto wallet owns an NFT linked to a digital file displaying the item.
So, for the “Hey Jude” notes, which show Paul McCartney’s scribbles and drawings, the buyer will receive an NFT of the subject’s image “animated in an even more personal way.” more personal through Julian Lennon’s exclusive audio narration,” the auction website says.
The bid on this NFT was $50,000 on Tuesday afternoon.
“It really made me learn to love my dad again because I saw him the way I remember him as a kid and when I was with him,” Julian said in an interview with Reuters on Tuesday. him in those years,” Julian said in an interview with Reuters on Tuesday.
“So it’s very special to me.”
The sale also includes an NFT representing the Afghan coat John Lennon wore on the set of the 1967 film “Magical Mystery Tour” and an NFT representing the black cloak he wore in the film. “Help!.” The bids for these were $8,000 and $6,000, respectively.
Increased interest in crypto assets has led traditional auction houses like Christie’s to participate in the NFT sale. The Lennon Auction is run by Julien’s Auctions and YellowHeart NFT and ends on February 7.
Bids can be placed online or at a physical auction in Beverly Hills. Payments are allowed in various cryptocurrencies including bitcoin, ether and dogecoin.
An unspecified portion of the proceeds will be donated to the White Feather Foundation, which Julian Lennon said in a Tweet will “offset” the auction-related carbon emissions through a carbon removal marketplace. named Nori.
The blockchain technology used for NFTs and cryptocurrencies has been criticized for their large carbon footprints.
(Reporting by Elizabeth Howcroft; Editing by Sujata Rao, Catherine Evans and Karishma Singh)