WWW source code NFT sells for $5.4 million at Sotheby's

The source code was sold in the form of a non-fungible token (NFT) - a kind of crypto asset https://www.reuters.com/article/crypto-currency-nft-idCNL4N2LE3VG which records ownership of digital items.

The NFT was created by the English scientist Berners-Lee in 2021 and represents ownership of various digital items from when he invented the World Wide Web in 1989, including around 9,555 lines of the source code from 1990-1991.

To be sure, the World Wide Web itself has not been sold. What was sold was a blockchain-based record of ownership of files containing the original source code for the World Wide Web. The final price was $5,434,500.

The World Wide Web, or 'the web', is the system for navigating and accessing information on the internet.

The NFT is considered valuable by some because blockchain authenticates that it is one-of-a-kind and has been officially created, or 'minted', by Berners-Lee himself.

"The symbolism, the history, the fact that they're coming from the creator is what makes them valuable – and there are lots of people who collect things for exactly those reasons," said Cassandra Hatton, global head of science and popular culture at Sotheby's.

"We have placed it in a public forum, we have sold it at basically no reserve (the bidding started at $1000) and we let the market decide what the value is going to be. There have been multiple bidders who have all agreed that it's valuable."

The sale is the latest in a series of moves by traditional auction houses to embrace the blockchain-based assets, which exploded in popularity in early 2021.

In March, an NFT of a digital collage by the American artist Beeple fetched $69.3 million at Christie's, in the first sale by a major auction house of an artwork which does not physically exist. Twitter boss Jack Dorsey sold his first tweet in NFT form for $2.9 million.