English computer scientist Sir Tim Berners-Lee famously invented the internet in 1989. Now, more than three decades later, a blockchain-based token representing the original source code has been sold by Sotheby’s in an online auction.
Auction Highlights Internet’s Impact on Society
Sotheby’s catalogue outlined what was included in the sale and provided an articulate expression of the significance of the internet in the modern era:
Over the past several centuries, humankind has seen a succession of paradigm shifts that have brought us forward into the Modern Era … but none has had as seismic an impact on our daily lives as the creation of the World Wide Web. Sir Tim’s invention changed everything, and created an entirely new world, democratising the sharing of information, and creating new ways of thinking, interacting and staying connected to one another.
Sotheby’s
Internet Source Code as an NFT
Of course, the internet itself has not been sold, but rather an NFT containing the original source code. The identity of the buyer remains a mystery and Berners-Lee intends to donate the proceeds to charity.
Sotheby’s commented that it was considered extremely valuable since it is one of a kind and more so that it was “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.
Cassandra Hatton, Sotheby’s global head of science and popular culture
Included in the sale are NFTs representing 9,555 lines of code written in 1990-1991 (including an “embarrassing spelling error“), 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.
NFTs – Legitimate Asset Class?
NFTs are in their infancy and, of course, mania and speculation are to be expected in such conditions. Some will turn out to be worthless and others worth a fortune. For now, it’s difficult to say how it will play out.
NFTs raise all sorts of unique legal questions, including those related to copyright. Last month, Jay-Z successfully blocked the unauthorised sale of a digital version of his debut album but how this will apply in different contexts remains unknown.
At present, one could argue it is easy to see how the original source code of the internet NFT is likely to retain value over those belonging to a fleeting reality TV star or a relatively unknown quirky local artist.
Much like the dotcom companies of 2000 where most trended towards zero, the same could be said of many NFTs today. Some types and specific applications will become embedded in our culture and most in time are likely to be written off to irrational exuberance.
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