Page 80 - Expereience_Magazine_2021_Fall_Barrett-Jackson

New Kids
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age Href=”File://001110011/244558_interior.jpg” /> <2021 Ram 1500 TRX Launch Edition VIN 001
on the Block(chain)
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VIN 001/244558_misc_a7552b88-C06a-4f90-84cf-21726d340dc0.Jp2022 GMC Hummer EV Edition 1 VIN
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BARRETT-JACKSON NFTS
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In the beginning, it was all about cats, much like Again, what?
most of the internet. In 2017, a project called Blockchain: a giant digital public record that
CryptoKitties launched, where users, would collect says that you own it. Think of it as a certificate of
and trade a series of digital cartoonish felines. authenticity, but instead of a piece of paper, it’s a
Essentially like a digital version of Pokémon cards, unique string of code.
but part of the latest in the blockchain-based Moving on, because the transaction history is a
boom.
matter of public record, blockchain technology
Cats are cute, but what is blockchain? has sent ripples through the world of collectibles,
In its simplest explanation, blockchain technology essentially making it the perfect system for
is what serves as the basis for cryptocurrency – that unique and digital identifiers that can be easily
thing your nerdy nephew won’t stop taking about. and securely exchanged. This led to the creation
Think of it as a series of decentralized computers of non-fungible tokens, or NFTs. Essentially,
talking to each other and creating a shared digital NFTs are pieces of digital memorabilia, with the
ledger that no single computer can change. added benefit of being able to see its history
What? with a few clicks. Imagine a Picasso painting or
Basically, a bunch of computers communicating a 1952 Topps Mickey Mantle baseball card, but
with each other performing complex calculations in with a readily available transaction history that
order to yield a secure and unchangeable document. chronicles every sale, how much it sold for, when
it sold and to whom.

82 BARRETT-JACKSON EXPERIENCE FALL 2021