John Lennon’s eldest son is selling videos of rare Beatles memorabilia, including guitars and clothing, as non-fungible tokens (NFTs).
Julian Lennon will keep the physical items whilst buyers will receive a digital video accompanied by an audio track of Julian sharing memories about each object. The items are being sold on the NFT marketplace YellowHeart, in an online auction which went live yesterday.
The collection features video footage of three guitars gifted to Julian Lennon by his father, a cape worn by John Lennon in the films Help! and an afghan coat worn for the film Magical Mystery as well as Paul McCartney’s handwritten notes for the legendary Beatles song “Hey Jude.”
“As an artist, I have great respect for all that my father accomplished in his career,” said Julian Lennon, who has released seven albums.
“As a son, I hold dear the good memories I have of my time with him. I feel incredibly lucky to live in a day and age where innovation allows me to share such personal pieces of my Lennon family history. Through this NFT collection, I’m able to grant exclusive access to special items that I cherish and carry on the legacy of my father in a new way,” he continued.
Bidding for the song notes starts at $30,000 (£22,000) and according to Julian, McCartney wrote the song to comfort him following the divorce of his parents Cynthia and John Lennon in 1968.
NFTs are essentially unique, digital receipts which prove a person’s ownership of a digital or physical item on the blockchain. The market for digital collectibles exploded in 2021 with $40bn poured into NFTs according to research by Chainalysis.
Julian Lennon’s announcement about the Beatles auction had a mixed reception on Twitter, with some users complaining that physical items are not included.
Celebrity NFT collector Pranksy said the collection was “a bit insulting” and questioned the value of a collection created by “taking a photo and selling it.”
A portion of the proceeds from the auction will be donated to the White Feather Foundation, a charity run by Julian Lennon which supports initiatives aimed at improving quality of life for communities worldwide.