Julian, son of John Lennon is selling memorabilia related to the legendary band The Beatles, according to Reuters.

 

This time, The Beatles’ song is John Lennon’s guitar, which was written by Paul McCartney in 1968’s Hey Jude, but it’s not the same song. The starting price for this car is 50,000 USD.

Instead, the auction sells in NFT format (which uses blockchain technology to record ownership of digital files of images, videos, text…), a type of digital asset. The winner can claim ownership of a digital file described as an “audio/visual collection” in which Julian Lennon recounts a “heartfelt memory of his father”.

Singer, songwriter, and writer Julian Lennon said: “I feel incredibly lucky to live in an age where innovation allows me to share such personal pieces of Lennon’s family history. me. Through this NFT collection, I can grant exclusive access to special items I treasure and continue my father’s legacy in a new way.”

While NFTs are sometimes sold alongside physical versions, as a kind of digital certificate of authenticity, owning an NFT does not confer ownership of the physical product. However, NFT sales are booming, gaining popularity as works of art sell for millions.

In this case, buyers of The Beatles NFT will not receive a real guitar or song liner notes. What they will receive is a blockchain data recorder that their crypto wallet owns an NFT linked to the digital file displaying the item.

So for the Hey Jude liner notes, which feature Paul McCartney’s scribbled handwriting, buyers will receive an NFT of the singer “brought to life through exclusive narration by Julian Lennon ”, the auction website clearly states.

The auction also includes an NFT representing an image of the coat John Lennon wore on the set of the 1967 film Magical Mystery Tour and an NFT representing the black cloak he wore in the film Help! in 1965. The initial prices for these two memorabilia were 8,000 and 6,000 USD respectively.

The growing public interest in crypto assets has prompted traditional auction houses like Christie’s to get involved in NFT sales. This auction is run by Julien’s Auctions and YellowHeart NFT, ending on February 7.

Auction documents can be placed online or in Beverly Hills (California, USA). Payments are accepted in various cryptocurrencies including Bitcoin, Ethereum and Dogecoin.

A portion of the proceeds from the auction will be donated to the White Feather Foundation, which was tweeted by the son of John Lennon – leader of The Beatles, to “offset” the carbon emissions related to the auction. Blockchain technology used for NFTs and cryptocurrencies has been criticized by public opinion for its large carbon footprint when operating.