Business

First-ever NFT sells for $1.47 mn at auction

The first non-fungible token (NFT) ever created sold at auction on Thursday for $1.47 million, Sotheby's said, the latest sale in the technological revolution sweeping the art market.

Business

Europe bids to join NFT art auction craze

Europe has joined the craze for NFTs, virtual art pieces inspired by cryptocurrencies that turn the impermanence of the internet into a prized collector's item to be bought and sold like a Rembrandt.

Business

Auction houses Sotheby's, Phillips latest to join NFT craze

Sotheby's and Phillips launched so-called NFT auctions on Monday, a month after Christie's sold a digital artwork for $69.3 million, as traditional auction houses seek to capitalize on the craze shaking up the art market.

Business

New York Times digital 'NFT' article sells for $563,000

A New York Times columnist on Thursday sold one of his articles in digital form for $563,000, the latest example of the craze surrounding "non fungible tokens," which collectors are snapping up.

Telecom

Next 5G auction to feature large tracts sought by carriers

Regulators decided the next U.S. 5G airwaves auction will offer frequencies in portions covering millions of people, a plan backed by wireless giants thirsty for spectrum and opposed by cable providers leery of expensive ...

Business

Bitcoins under the hammer in France

Governments might look askance at bitcoin, but it does not mean they do not want to cash in on its soaring value and France is set to pocket nearly $30 million from its first-ever action of the cryptocurrency, a minister ...

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Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.

There are several variations on the basic auction form, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder(s) and sale price(s). Participants in an auction may or may not know the identities or actions of other participants. Depending on the auction, bidders may participate in person or remotely through a variety of means, including telephone and the internet. The seller usually pays a commission to the auctioneer or auction company based on a percentage of the final sale price.

This text uses material from Wikipedia, licensed under CC BY-SA