Major auction house Phillips has just sold a “self-replicating” non-fungible token (NFT) for $3.4 million.
The NFT, titled “REPLICATOR,” was created by digital artist Michah Dowbak, also known as Mad Dog Jones. The piece marks the auction house’s first-ever NFT sale.
Amidst all the hype that has surrounded NFTs as of late, the REPLICATOR is even rarer than the average unique digital collectible because of its nature.
Visually, the NFT features an image of a photocopier in a downtown Los Angeles office space. But technically, things get a little more complicated.
The REPLICATOR is essentially a custom smart contract on the Ethereum blockchain built under the ERC-721 standard. In other words, this type of token is unique and can have a different value from another token from the same smart contract. The piece is designed to create new, unique NFTs over the next year. All of the replication logic has been coded into the contract i.e., probability functions, replication timin
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