Javier Milei, in a campaign event.  Photo Maxi Failla

Javier Milei, candidate for national deputy in the City of Buenos Aires, had put up for sale an own NFT days before the STEP that consecrated it as the third force in the City of Buenos Aires. After the bump, it was sold 500% more expensive than its original value: 12 thousand dollars, about 2 million pesos.

Based on blockchain technology, NFTs, or non-fungible tokens, revolutionized digital art and collectibles by offering proof of ownership. The tokens have made it easy to purchase and exchange digital assets that could otherwise be easily copied, such as tweets or photographs.

The NFT is called “Libertarian revolution” and consists of an animation of a 1,000 peso bill with an image of the Central Bank on the back. Milei is shown in flames making the official entity explode. The animated sequence continues with the monetary authority burning until it explodes into hundreds of rubble to give way to the screaming candidate’s face. “Long live freedom, damn it” to form a new 1 peso bill with his figure.

The description reads: “Our great hero Alberto Benegas Lynch said ‘Liberalism is the unrestricted respect for the life project of others, based on the principle of non-aggression, defending the right to life, liberty and property’. I am Javier Milei and I did not come to lead lambs but to awaken lions.

There are several cases that have already become known: digital art in New York, the first tweet in history and even the source code of the World Wide Web, created by Tim Berners-Lee.

The candidate for the La Libertad Avanza Front, who had just started a controversy for using a song by La Renga in a proselytizing act, had posted his own NFT on Opensea to get campaign funds.

The initial value of the NFT had been positioned at 0.5 ETH (Ethereum), which was equivalent before the elections about $ 2,000. Finally, it was sold

The auction was in effect on the site until September 11, the day before this year’s PASO took place, which had been postponed due to the pandemic situation in the country.

OpenSea is the largest market in tokens non-expendable, and there Milei’s was sold. The final price was 3.8 ETH. Considering the initial value, which was 0.5, the price rose 500%.

Milei, cripto . militant

Javier Milei, in a campaign event. Photo Maxi Failla

“Argentina is fertile land for bitcoin … because the peso, basically, is not worth excrement. It is the currency that the Argentine politician emits. These garbage are not even used for fertilizer,” said the candidate in one of his campaign events .

It happens that the candidate has been a militant of cryptocurrencies for a long time, something to be expected in the libertarian sphere in which he moves since any initiative that does not depend on the State is always celebrated by this political spectrum. Cryptocurrencies are decentralized and do not need third parties to operate.

Milei’s position is related to the exchange stocks, in addition. “Because people repudiate the peso. Faced with a thieving state, it is easier to get out of the currency that forces the politician. Argentina lost the reserve of value and the unit of account. Important transactions are made in dollars and not in pesos “, he explained when asked why he supports cryptocurrencies.

About NFTs

The NFTs all the rage in the collectors market.  AFP photo

The rage of the NFT within the market of the collectors. AFP photo

A non-fungible token (NFT) is a type of cryptographic token that represents a single asset. They can be digital natives or digitized versions of real-world assets, which have significant real or symbolic value.

They are emerging from computer programs and therefore have similar functionalities to cryptocurrencies, although there is a difference between the two: NFTs need yes or yes to be integrated into a blockchain, the open source and public access blockchain that is presented as one of the safe ways to invest and do digital commercial exchanges.

Fungibility means that the individual units of an asset are interchangeable and essentially indistinguishable from one another. For example, coins are fungible, because each unit is interchangeable for any other equivalent individual unit. A one hundred peso bill is interchangeable for any other 100-peso bill that is authentic.

Acquire a token within a chain of blocks of the digital universe, or blockchain, ands make use of pieces that in the analog equivalent come to compare them with works of art, for the unique character they have and the expectation value that each one of them can report.

For example, the first Twitter post, written by Jack Dorsey, one of the founders and current CEO of the social network, was sold as an NFT for $ 2.9 million. That text consisted of just five words (“Just setting up my twttr”, in Spanish “Setting up my Twttr account”).

The first tweet ever, from Jack Dorsey.  Photo Twitter

The first tweet ever, from Jack Dorsey. Photo Twitter

It is a message then lacking in value, but currently with a millionaire price for having been the testimony of a historical moment for a social network that has about 350 million active users.

SL

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