NFT is the Future of Digital Art
In December 2020 Mike Winkleman aka Beeple made $3.5 million with NFT art sale in a single weekend. This was just the beginning as in February 2021 one his arts were sold for $6.6 million on Niftygateway and in March Christie's auctioned his by now famous digital artwork, The First 5000 Days for $69.3 million.
Since then Steve Aoki, Deadmau5, Grimes, Lindsay Lohan and many others joined the NFT craze, each of them generating millions of dollars with their art releases. In the meantime collectors are buying virtual trading cards like a LeBron James dunk video on NBA Top Shot for more than $200,000.
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Each art piece is an NFT - non-fungible token -a work that is authenticated on the blockchain. The artwork consists of an encrypted image or video, accompanied by a digital signature that cannot be duplicated, giving buyers the assurance that their purchase is an authentic copy.
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In the fast-growing crypto art market, artworks of well-known people sell out in minutes after opening an auction. Many of the works are immediately resold at inflated values - some are more than 1,000 percent of their original price.
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Interest in NFTs skyrocketed in 2021 with more than $250 million worth of sales in Q1, according to NonFungible, which tracks the value of the market. It is a beginning of a new era, a moment in time with a drastic shift both demographic and generational, when it comes to what excites young collectors.
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RECENT NFT HITS
Steve Aoki
Deadmau5
Grimes