A Taco Bell taco is on sale for more than $187,000, but it's not the kind of taco that one eats.
Taco Bell's "Swivel Taco" is a non-fungible token, or NFT, meaning it only exists in digital form, and it is currently priced at 100 Ethereum. "Swivel Taco" is one of five NFT artworks created by Taco Bell, making it one of the first brands to dip its toes into the growing digital collectibles market. Last week, Taco Bell sold its NFTs for .001 Ethereum, which is almost $2, but the benefit of an NFT is that the buyer can resell the item. "Swivel Taco" is currently listed for 100 Ethereum. No takers yet.
But Taco Bell’s digital taco is not even close to the most expensive item for sale. NFT-based artwork has sold for $69 million. Digital NFT trading cards called TopShot, from the National Basketball Association, can be valued close to $200,000. There are eclectic virtual characters called Cryptopunks that have sold for more than $10 million in recent days.
At this point, jumping into the world of NFTs, which were born out of the boom in cryptocurrency and enthusiasm around the blockchain, is like exploring the internet when AOL was still mailing CDs with 400 hours of free internet. It's highly likely that there is a bubble forming with many of these shocking big-money purchases, but there also is no doubt that NFTs, and the underlying technology, will help change the internet.
Who knows, this article could be its own valuable NFT some day.