First-ever NFT sold for $1.47 million

The first-ever NFT, Kevin McCoy's "Quantum," was auctioned this morning for $1.47 million, about half an hour after one of 10,000 CryptoPunks sold to betting-technology billionaire Shalom Meckenzie for $11.75 million.Why it matters: The auction ratifies a truth about the art market that is understood more in theory than in practice.Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for freeThe amount of money an artwork is worth is overwhelmingly a functi

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