A cryptocurrency trader reportedly placed a big bid worth $37,000 in Ethereum (ETH) for a digital drawing of anonymous Bitcoin creator Satoshi Nakamoto.
DEGO Finance said that the trader has made a 106 ETH bid, in order to become the sole owner of a Satoshi Nakamoto non-fungible token (NFT).
DEGO that describes itself as the "LEGO in the DeFi (decentralized finance) world," uses a protocol that considers each DeFi platform such as stablecoin DAI, lending protocol Aave, and decentralized exchange Uniswap as a brick or a module that can be put together to help users come up with diversified investment portfolios.
Just like a lego.
Another feature of DEGO, is allowing users to auction and bid on NFTs.
The current bid amount of Satoshi Nakamoto NFT is 106 ETH, and the funds in the reward pool have reached 85 ETH: https://t.co/3EqtbqpuVr pic.twitter.com/J6TA480uv9
— DEGO (@dego_finance) October 5, 2020
NFTs are a special type of cryptocurrency token that represents ownership of a particular asset such as artwork or video game items.
Unlike cryptocurrencies such as Bitcoin and Ethereum, each NFT has its own non-fungible token that contains the identifying data of a particular asset stored in the blockchain.
This makes NFTs not mutually interchangeable.
In the case of this Lego-style Satoshi Nakamoto NFT, the winning bidder would receive a unique token that serves as a verifiable proof of authenticity and ownership of the digital artwork.