- March 23, 2021
- Posted by: Anita Iyer
- Category: Blog
The NFT art market has exploded. Read to know more.
If you have been wondering what NFTs are after seeing the trend on social media regularly, this explainer article is for you. NFTs dominated the headlines today, yet again, after Twitter CEO Jack Dorsey sold NFT of his first tweet for $2.9 million. So, let’s try to understand what NFTs mean.
What are NFTs?
The term NFT stands for Non-fungible Token. They are digital assets and can include a wide range of unique tangible and intangible items. The term non-fungible means something that can’t be replaced with something else. For instance, bitcoin is fungible as one bitcoin can be traded for another. On the other hand, NFTs are one-of-a-kind trading card and can be traded in exchange of something completely different.
Most NFTs are part of the Ethereum blockchain. NFTs work differently from an ETH coin as they store additional information. NFTs can be anything digital from drawings, music, digital art forms, virtual real estate, sports cards, and even digital sneakers.
What makes NFTs unique?
Each NFT contains distinguishing information that makes it unique from any other NFT in existence. As a result, it is easy to verify, preventing the creation and circulation of fake collectibles pointless. As no two NFTs are identical, they cannot be directly exchanged with one another.
Why is it becoming popular?
As NFTs are revolutionizing the gaming and collectible space, they are gaining popularity among crypto users and companies. They have been hailed by the artists as they are able to sell their artwork to a global audience in a digital format. NFTs are scarce in nature, explaining why the high demand from gamers and collectors are driving up the price for these assets.
Few expensive pieces of NFT sold
Crypto-art fans have been aggressively buying NFT artworks. Here are some of the most expensive ones:
An NFT featuring the Nyan Cat meme sold for 300 ETH or around $590,000, in the celebration of its 10th birthday.
Just opened up the flood gates to the future of meme economy in the Crypto universe, no big deal~
But seriously, thanks for believing in Nyan Cat all these years. I hope this inspires future artists to get into #NFT universe so they can get proper recognition for their work! pic.twitter.com/JX7UU9VSPb
— ☆Chris☆ (@PRguitarman) February 19, 2021
The complete MF Collection by Beeple fetched the artist $777,777. It included many of the digital artist’s block-chain based art and a physical component.
THE COMPLETE MF COLLECTION
THIS IS IT! The last auction of the day, which includes each of the 20 auction pieces in it. Ends at 6 pm ET.
— Nifty Gateway (@niftygateway) December 13, 2020
DJ and producer Steve Aoki released an 11-piece digital art collection named ‘Dreamcatcher’ with German illustrator Antoni Tudisco. One of the works, ‘Hairy’ become a record-breaking single sale for Nifty Gateway.
The “Dream Catcher” collection drops today at 2 PM EST! pic.twitter.com/3a4wgp78CP
— Nifty Gateway (@niftygateway) March 7, 2021
CryptoPunks #7804 and #3100 at Larva Labs were both sold for a value of 4.2k Ethereum, making them the top sales for CryptoPunk tokens.
— CryptoPunks Bot (@cryptopunksbot) March 11, 2021
A work from Beeple, Crossword featuring an anti-Trump message, was sold for $6.6 million on the secondary sale market.
The #1/1 from beeple’s first NG drop has just resold on the secondary market for $6.6 million.
History has just been made.
— Nifty Gateway (@niftygateway) February 25, 2021
Recently, Elon Musk said he is selling his tweet containing a song about NFTs as an NFT. The bidding on Musk’s tweet has already reached $1 million.
I’m selling this song about NFTs as an NFT pic.twitter.com/B4EZLlesPx
— Elon Musk (@elonmusk) March 15, 2021
Considering digital art has long been undervalued because of its free availability, recent sales are encouraging for digital artists. But are NFTs the future of art or just the latest buzzword in the cryptosphere – only time will tell!