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Beatles and John Lennon memorabilia to be sold as NFT

Julian, John Lennon's eldest son, sold several pieces of music history from his father's private collection. However, he will keep the physical items as any memorabilia will be sold as non-fungible tokens (NFT).

Some of the items up for auction include the black robe his father wore in the movie Help! and a handwritten note for the Beatles song Hey Jude.

The sale also included the NFT Afghan coat worn by John Lennon in the made-for-television Magical Mystery Tour and three Gibson guitars given to Julian Lennon by his father.

Reportedly, each NFT will be offered as an audio-visual collection, with narration by Julian Lennon.

The NFT of Paul McCartney's handwritten notes for Hey Jude is expected to get the most at auction.

Price of Beatles and John Lennon memorabilia in NFT

Prices start at USD 30,000, with the expectation that the bid can be more than double that figure.

A portion of the proceeds from the sale of the NFT will be donated to the Julian Lennon White Feather Foundation. While the online auction schedule will be held on February 7, 2022.

NFTs are the "only" assets in the digital world that can be bought and sold like any other property, but have no tangible form. NFTs can be thought of as certificates of ownership for virtual or physical assets.

Traditionally, collectibles have been viewed as valuable due to their rarity, but digital files can be easily and endlessly copied.

With NFT, these items can be "token" to create digital certificates of ownership that can be bought and sold.

As with cryptocurrencies, records of who owns and what is stored are kept in a shared ledger with the blockchain.

Records cannot be falsified because ledgers are maintained by thousands of computers around the world.

As some NFTs change hands for tens of millions of dollars, the market value of digital art and collectibles is now approaching that of global art trade.

NFT has been touted as the digital answer to collectibles, although critics have warned of the risks in the market.

Photo: Pixabay

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