NFT, or interchangeable tokens, are not as complicated as it seems. In fact, the NFT provides a blockchain-backed “proof of ownership” of the product to which the token is attached. NFT confirms the ownership of the goods by recording data in a digital ledger known as a blockchain. It is publicly available and stored on computers over the Internet, which makes it almost impossible to lose or destroy it.
“Ride that crypto wave!”
Jones’ work “Bitcoin Angel” is an open edition, auctioned at the Nifty Gateway NFT marketplace for $777. Buyers had 7 minutes to purchase the work. After that, the sale was closed and the final number of copies on the market was determined. As a result, 4,157 editions were purchased, which broke the Nifty Gateway record at that time for the number of open editions. Thanks to the strong secondary market of Jones’ works and, despite the large circulation, the resale value of Bitcoin Angel has moved into the range of $ 5,000 in less than a month!
The market for Jones’ work is only one indicator of how strong buyers currently feel about investing in NFT art. Artists and celebrities of all stripes are cashing in on the NFT wave. For example, singer Grimes sold $6 million worth of digital art, and Chris Torres, the artist who created Nyan Cat, sold his meme for $590,000.
Clips with NBA star LeBron James Dunking are selling for as much as $225,000, Lindsay Lohan sold an image of her face, and Aphex Twin sold a new unique work of art in the form of an NFT for $128,000. Obviously, NFT art is open to people who have potentially never even been to a gallery.
An increasing number of artists, art historians and art collectors are interested in NFT. NFT art sales have brought artists millions of dollars. NFT will transform the art world in the same way that streaming has changed the way we consume music.
The reason for the sudden interest in NFT art could be attributed to the same bull markets that raise the prices of bitcoin and other cryptocurrencies. While the government could eventually regulate this space, it is unlikely to happen in the near future.
Will the NFT bubble eventually burst? Perhaps. The NFT art market is mostly speculative and we are likely to see some wild price swings that we have seen with its cryptocurrencies.
Regardless of whether insanely high prices fall or not, there is no denying that NFT is a great way to reduce fraud in the art world, which, of course, is of paramount concern and interest to artists. So it’s safe to say that NFT art is here for a long time.