Music festival Untold announced it would launch its first non-fungible token NFT, which will be available on the NFT marketplace OpenSea.

Unlike fungible assets, which can be interchanged, NFTs are one-of-a-kind assets which can be bought and sold in the digital world.

"The NFT is a certification allowing its owner to track their digital good in a blockchain system, check its value constantly and sell it at the right time. It's similar to owning the original painting, regardless of how many print copies are available. It's similar to owning a digital work of art with an artistic value. The NFTs are 'unique' assets in the digital world that can be bought and sold like any other property but do not have a tangible form," the festival's organizers explain in a release quoted by Mediafax.

Untold's NFT collection was designed in partnership with StakeBorg.

Those who want to purchase the first Untold NFT need to register on the festival's website.

Some of the artists who previously performed at Untold launched NFTs. Steve Aoki sold his first NFT collection for USD 4.25 million, while Don Diablo and KYGO announced they would soon launch their first NFTs consisting of new pieces or productions that have not yet been launched, Untold said.

The festival also gave the example of the NFT artwork "Everydays: The First 5000 Days" by Mike Winkelmann, also known as Beeple, which recently sold at a Christie's auction for more than USD 69 million. 

Untold, the largest electronic music festival in the country, is scheduled to take place between August 5 and August 8 in Cluj-Napoca.

(Photo: Salajean/ Dreamstime)

simona@romania-insider.com