History is replete with stories of new technologies whose initial applications end up having little to do with their eventual use. All the focus on Bitcoin as a payment system may similarly prove to be a distraction, a technological red herring. Nakamoto pitched Bitcoin as a “peer-to-peer electronic-cash system” in the initial manifesto, but at its heart, the innovation he (or she or they) was proposing had a more general structure, with two key features...For our purposes, forget everything else about the Bitcoin frenzy, and just keep these two things in mind: What Nakamoto ushered into the world was a way of agreeing on the contents of a database without anyone being “in charge” of the database, and a way of compensating people for helping make that database more valuable, without those people being on an official payroll or owning shares in a corporate entity. Together, those two ideas solved the distributed-database problem and the funding problem.

Crypto-art 'Forever Rose' photo sells for $1M, making it the world's most valuable virtual art

A blockchain crypto-art rose titled "Forever Rose" has been sold to a collective of investors for cryptocurrencies with a value equivalent to $1,000,000 USD. The collective is composed of 10 investors, each of whom contributed an equal amount toward the digital rose. The artwork is based on Kevin Abosch's photograph of a rose and was created by Abosch and GIFTO, a decentralized universal gifting protocol.

Blockchain technology is behind cryptocurrencies like bitcoin and rights management platforms like KODAKOne. The tech can also be used for art, as demonstrated by Abosch with "Forever Rose." Abosch previously sold an image of a potato titled "Potato #345" in 2016 for more than $1 million.

More than 150 buyers expressed interest in the Forever Rose, according to a press release detailing the sale. Ten collectors were ultimately chosen using a ballot—the buyers include ORCA Fund, Chinese crypto-investor Ms. Meng Zu, blockchain advisory firm TLDR Capital, and others. Payments were made in IAMA and GTO-by-GIFTO cryptocurrencies, with each buyer paying the crypto-equivalent of $100,000 to get 1/10 of the ROSE, an ERC20 token on the Ethereum blockchain.

Forever Rose is believed to currently be the most valuable virtual artwork in the world. The buyers can choose to hold onto their rose tokens, sell them, or give them away. Abosch and GIFTO will donate the sale proceeds to The CoderDojo Foundation, which provides kids around the world with the opportunity to learn coding skills for free.