- Title: World Wide Web source code NFT sells for $5.4 million at Sotheby's
- Date: 30th June 2021
- Summary: LONDON, ENGLAND, UNITED KINGDOM (RECENT - JUNE 23, 2021) (REUTERS) (SOUNDBITE) (English) CHAIRMAN OF SOTHEBY'S EUROPE, OLIVER BARKER, SAYING: "The bidding started with a kind of huge rush of bids, we had multiple bids as we went to live and even after the first two hours the bidding was at $220,000, I think really proving that the demand for this kind of very unique digital document is incredibly strong and if you think about it, this was the moment of the creation of the World Wide Web, this paradigm shift, the whole universe was frankly changed by this and we can't imagine a world without the Internet. But of course now is the opportunity to buy and own it, being co-signed by the source of the source of the World Wide Web so it's this incredibly impactful collectable."
- Embargoed: 14th July 2021 20:24
- Keywords: auction inventor Tim Berners-Lee original source code for the World Wide Web up for sale at Sotheby's
- Location: LONDON, ENGLAND, UNITED KINDGOM/ GENEVA, SWITZERLAND/ UNKNOWN LOCATION
- City: LONDON, ENGLAND, UNITED KINDGOM/ GENEVA, SWITZERLAND/ UNKNOWN LOCATION
- Country: United Kingdom
- Topics: Arts/Culture/Entertainment,Europe
- Reuters ID: LVA006EJLCUVT
- Aspect Ratio: 16:9
- Story Text: A blockchain-based token representing the original source code for the World Wide Web written by its inventor Tim Berners-Lee sold for $5.4 million at Sotheby's in an online auction on Wednesday (June 30), the auction house said.
The source code was sold in the form of a non-fungible token (NFT) - a kind of crypto asset which records ownership of digital items.
The NFT was created by the English scientist Berners-Lee in 2021 and represents ownership of various digital items from when he invented the World Wide Web in 1989.
To be sure, the World Wide Web itself has not been sold. What was sold was a blockchain-based record of ownership of files containing the original source code for the World Wide Web. The final price was $5,434,500 and half of the bidders were new to Sotheby's.
The World Wide Web, or 'the web', is the system for navigating and accessing information on the internet.
The NFT is considered valuable by some because blockchain authenticates that it is one-of-a-kind and has been officially created, or 'minted', by Berners-Lee himself.
"The symbolism, the history, the fact that they're coming from the creator is what makes them valuable - and there are lots of people who collect things for exactly those reasons," said Cassandra Hatton, global head of science and popular culture at Sotheby's.
"We have placed it in a public forum, we have sold it at basically no reserve (the bidding started at $1,000) and we let the market decide what the value is going to be. There have been multiple bidders who have all agreed that it's valuable."
Included in the purchase are NFTs representing around 9,555 lines of code written in 1990-1991, a 30-minute animated visualisation of the code, a digital poster of the code, and a digital letter written by Berners-Lee in June 2021, reflecting on his invention.
The letter begins: "As people seemed to appreciate autographed versions of books, now we have NFT technology, I thought it could be fun to make an autographed copy of the original code of the first web browser."
The sale is the latest in a series of moves by traditional auction houses to embrace the blockchain-based assets, which exploded in popularity in early 2021.
In March, an NFT of a digital collage by the American artist Beeple fetched $69.3 million at Christie's, in the first sale by a major auction house of an artwork which does not physically exist. Twitter boss Jack Dorsey sold his first tweet in NFT form for $2.9 million.
(Production: Natalie Thomas)
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