Memorabilia will be sold as NFTs
John Lennon’s eldest son Julian is selling several pieces of music from his personal collection that tell the story of The Beatles.
However, it will retain the physical items as each piece of memorabilia will be sold as a non-fungible token (NFT).
Items up for auction include the black coat his father wore in Help! and handwritten notes to The Beatles song Hey Jude. The auction will also include the Afghan coat John Lennon wore in the TV movie Magical Mystery Tour and three Gibson guitars given to Julian Lennon by his father.
Each NFT will be offered as an audiovisual collectible with Julian Lennon’s note and images of the item.
Paul McCartney’s handwritten NFT notes for Hey Jude are expected to be the biggest sellers at auction. The starting price per leaf is $30,000 and bids are expected to more than double that figure.
A portion of the proceeds from the NFT sale will go to the Julian Lennon White Feather Foundation. The online auction will take place on February 7th.
NFTs are “one-of-a-kind” assets in the digital world that can be bought and sold like any other property, but do not have their own tangible form.
But regulators and critics are worried that fashion collecting is more like swindling gullible investors who get nothing in return for the money spent, except for an audiovisual file with little to no use.