In another world first for the non-fungible token (NFT) area, Steve Jobs’ handwritten application letter in its physical form and an accompanying digital NFT of the same item will compete against each other in the respective auctions.
Auction to show how collectors value different formats
As NFTs continue to push the boundaries of possibility, be it introducing new, novel use cases for tokenization or adding value propositions to existing physical items, the issue of collector preference is best tested.
Today at 9:41 a.m. Pacific Daylight Time (PDT), Rarible and Snoofa are holding simultaneous auctions scheduled to last six days, showing Steve Jobs’ 1973 handwritten bid in two competing formats: the original physical copy and an NFT version. The written application highlights Jobs’ skills and interests and underscores his experience just a year before he moved to Atari, which was still a startup in the gaming field at the time.
Rarible, an NFT marketplace for creators and collectors to issue, sell and trade NFTs in the IPFS protocol, ensures that the application embossed in the NFT format is secured by Job and not lost during the transfer process between the owners can. Snoofa, provider of software solutions for auction platforms, will conduct the auction for the physical version. Interested collectors can bid on the Rarible platform in Ethereum (ETH), with Snoofa accepting both US dollars and ether.
Although physical items and assets may support corresponding NFTs depending on the type of NFT, this event marks the first time identical digital and physical versions compete side-by-side in separate auctions.
The physical version of the application already has auction history starting in 2017 when it was first auctioned in New York for $ 18,750. Since then, it has changed hands twice in Boston in 2018 for $ 174,757. Then it was resold in London in 2021 for $ 224,750, a 1,200% increase in value from the original retail price.
The question that remains is whether the digital or physical version will fetch a higher price at auctions, which serves as a strong barometer of collector demand for these new digital iterations of physical history.
What do you think will sell more – the paper application or the NFT? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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