Non-fungible tokens, or NFTs, are now a booming market. In February alone, sales of NFT tokens reached $500 million and exceeded the total for all of 2020. The distinguishing feature of NFTs is that their underlying technology certifies and guarantees the authenticity of each token. This means that they can be used as digital art objects with clear ownership rights that cannot be replicated. And if you’ve been wondering what an “NFT” is – it’s not just any old cryptocurrency!
The term “non-fungible” refers to one property which makes each token unique from every other one on the market today. This property is called “verifiability,” and it means that tokens can be certified as the only one of its kind.
What this all boils down to is that each NFT token is a unique asset with its own specific value. As such, they are becoming very popular with collectors and investors who see them as a way to diversify their portfolios. In fact, some NFTs are now being sold for millions of dollars apiece. For example, the CryptoKitties game has seen some cats sell for over $100,000.
Making a fortune selling virtual paintings
An NFT painting may not necessarily be hung on a wall. Rather, it allows for an unlimited number of items in your collection! In February American digital artist Beeple created an animated video depicting Donald Trump naked as he racks up $6 million dollars worth of purchases from other paintings sold at auction – and then right before our very eyes; four months later we see him drop down to just 68 grand dollars because someone bought them again without even knowing how much they originally costed or when/where exactly their previous sale took place…
The prices of digital pictures are rising just as much, if not more than those in rarer materials. A recent example is a collage created by British artist Beeple NFT that sold for $69 million to an investor from Singapore who purchased it at Christie’s auction house last year – making him another successful collector within the crypto world!
Sotheby’s, an auction house in New York City collaborated with artist Pak to create a piece for Makersplace. A collector nicknamed 888 bought the painting at $888 and two days later another bidder under Danny raised their offer price by almost 20%.
The input provides background information on Sotheby’s collaboration as well how much this particular artwork sold for overall but it does not mention what type of artistry was involved (NFT) nor do we get context from who decided that such artists should be collaborating or why someone might want one specific artwork over another.
Where to buy NFT art?
In the future, auctions may be bidding on virtual artworks instead of physical paintings. Works by renowned artists like Pak and Mad Dog Jones are currently being sold daily for record values through these platforms that help them also protect their creations with digital signatures such as NFTs (non-fungible tokens).
Cleveland auction house Christie’s Deputy Chairman Xin Li CRO has cofounded an emerging market platform TR Lab which specializes in collecting high quality pieces from emerging figures across various fields including fine art photography just to name few examples. Xin also believes that blockchain technology could potentially help to authenticate a wide array of objects, not just artworks.
Crypto art can be an exciting way for artists to reach new audiences and make their work more accessible. It also allows the original creator of a piece, who may not otherwise have access or means in terms financial compensation elsewhere (likePrints),to earn money off it themselves when they sell tokens at any point during its lifespan – whether before auctions happen on site like Cryptoartbuyers do now; after paintings/sculptures are complete but already approved by trusted collectors.
Li-Cohen, who has led Christie’s auction house since 2010 and is the president of Europe’s largest fine arts marketplace in London announced this month that they are developing new ways to provide artist services for their clients. They’ve onboarded a dedicated production team made up solely artists so as we can support them more efficiently during what could become an increasingly busy market year ahead! In addition there will also be additional concierge service helping both communities around collectors’ journey through online digital collectibles by offering tips on where you should begin looking when searching high end artworks or rare pieces at low cost while still maintaining rarity levels expected among those already knowledgeable about these items specifically designed.