Crypto-artwork of a rose sells for record $1 million

The digital photo of a red rose sold to a group of 10 collectors who split the cost evenly in cryptocurrency. This is thought to be the highest price ever paid for virtual artwork.

The project, called the Forever Rose, was produced by artist Kevin Abosch and GIFTO, virtual gifting platform on blockchain — a digital ledger. It’s the technology that supports cryptocurrencies such as bitcoin, but in this case it’s hosting a digital picture.

Crypto-art is a new market. While you can’t touch the artwork or hang it in your home, collectors can choose to hold their “rose token,” sell it or give it to someone for a special occasion.

It’s an abstract concept designed to get people thinking about how blockchain technology could be applied to the art world, according to a press release from both parties.

“People traditionally have valued things they can see and feel. But some of the most valuable things — like love, for example — can be felt but not seen,” Abosch told CNN. “Art reduced to its core essence is about the idea.”

crypto art kevin abosch
The Forever Rose

Abosch is most well known or selling a photo of a potato — called “Potato #345” — for more than $1 million in 2016. He is also recognized for his celebrity portrait photography…

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