Julian Lennon, has announced the start of bidding for the items which will be sold as non-fungible tokens (NFT)
Julian Lennon, John Lennon’s eldest son, is selling many items from his personal collection of music history. He will keep the tangible objects, though, because each piece of memorabilia will be sold as a non-fungible token (NFT). A black coat worn by his father in the film Help! and handwritten notes for The Beatles’ song Hey Jude are among the items up for auction.
Registration and Bidding is now open for Lennon Connection: The NFT Collection. In collaboration with @JuliensAuctions x @YellowHeartNFT , a portion of the proceeds will be donated to @TWFFofficial to offset carbon via @nori. Learn more at https://t.co/6l5nzO1CHJ pic.twitter.com/bvG7EHAX88
— Julian Lennon (@JulianLennon) January 24, 2022
NFTs have been hailed as the digital equivalent of collectibles, but opponents have warned of market hazards. The auction also contains NFTs of John Lennon’s Afghan coat from the made-for-TV film The Magical Mystery Tour, as well as three Gibson guitars donated to Julian Lennon by his father.
Each NFT will be available as an audio-visual collection, with narration by Julian Lennon accompanying the item’s images. The NFT of Paul McCartney’s handwritten notes for Hey Jude is projected to earn the highest price at auction. It has a starting price of $30,000 (£22,260), with bids expected to be more than quadruple that amount. A portion of the proceeds from the sale of the NFT will be donated to Julian Lennon’s White Feather Foundation. The online auction will take place on February 7th.
NFTs are “one-of-a-kind” digital assets that may be purchased and sold like any other piece of property, but have no physical form of their own. Digital tokens can be viewed as certificates of ownership for either virtual or tangible assets. Traditionally, collectible things are valued because of their scarcity, but digital data can be simply and infinitely copied.
These goods can be “tokenised” using NFTs to generate a digital certificate of ownership that can be bought and traded. A record of who owns what, similar to bitcoins, is recorded on a shared ledger known as the blockchain. Because the ledger is maintained by thousands of computers throughout the world, the records cannot be forged.
The value of the market in digital art and collectibles is rapidly approaching that of the world art trade, with some NFTs changing hands for tens of millions of dollars. However, regulators and critics are concerned that consumers may be unaware of the hazards associated with mainly unregulated crypto-asset investments such as NFTs.
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