March 29, 2021 11:01 am EDT NFTs are a new way of investments Earn millions of dollars via NFTs NFTs are not new to the people, but yes, they are a unique investment source for many artists.They are a form of digital artwork that can be sold and purchased online.Beeple, Christie’s are the top names in the market that have seen a whopping increase in their income.
Mike Winkelmann, better known as Beeple, is on cloud nine as his digital art is being sold in millions of dollars via NFTs.The art that exists in the digital world is worth millions of dollars.
It is part of the explosion in the market and now NFTs.Digital art is that which is not physical but present digitally.
Beeple has been selling his digital art via NFTs worth millions of dollars.He is the centre of this virtual gold rush.From his first digital artwork, Beeple made a whopping $3.5 million NFTs.
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NFTs have got tech investors’ attention like Mark Cuban, the Christie’s auction house and significant corporations like Nike.Other celebrities like rock band Kings of Leon, Lindsay Lohan, have also launched their virtual creations.Importance of NFTs
The auction house Christie’s used to sell the artwork physically, and now with the technology boom, Beeple has been selling its digital artwork for millions of dollars.To understand who pays, it is essential to understand what NFTs are.
They are Non-fungible tokens that are unique in character and are not readily interchangeable.A sports card, an antique car, a piece of land etc., are different from a fungible asset like cash.Secondly, NFTs are virtual currencies on a blockchain and are like digital artwork.
It is a documentation of ownership of a one-of-a-kind digital asset.NFT could be anything like digital artwork, an audio file, a video clip, and a virtual land plot.They are a digital signature supported by blockchain.
It proves ownership of the object.
Unlike digital coins, which are all identical by design, NFTs are unique.It is possible to buy a token representing a card in a digital world, but NFTs also back digital assets like images or even a tweet.For example, Jack Dorsey’s tweet rendered 2.5 million dollars; a cat meme was sold for six hundred thousand dollars.Influential people selling digital art via NFTs
Similarly, Beeple has been creating his art for the people who admire the digital artwork and are ready to pay any amount of money for his artwork via NFTs.
He is the third most expensive artist in the world.His works can be offensive or prerogative.Beeple has also sold a physical product and the NFTs of his digital art.
Christie’s being all-digital is to make people all work all the more unique and invaluable.Beeple has been working with clients like Louis Vuitton, Nike, Apple.
But why should people buy digital art when physical art is available? Physical skills may face many challenges, not the case with digital art.
For physical craft, it can be hard to verify and check the authenticity.An original can be faked, forged or replicated.
Secondly, it is not easy to trace the ownership history.There is often no public record of a collectables lifetime journey.However, on the other hand, digital artwork does have a challenge where the copies can be made several times.
Well, NFT enthusiasts prove that blockchain solves the problem.The artist creates an immutable, verifiable public record of its authenticity.NFT boom
They have been present for many years now, but it got the public attention in 2017 with crypto kitties, a game in which users breed and trade digital cats.
In 2018, a mini hype cycle led to VC-led investments and platforms were made to buy, sell and mint NFTs.In 2019 Nike and Formula 1 entered the NFT marketplace creating an opportunity for big brands to play it in the open market.By 2020 the NFTs market grew triple in size to $250 million-plus.
Now in 2021, an explosion is seen in the NFT market.The boom in cryptocurrencies, interests of big auction houses in NFT, Pandemic collectively contributed to the NFT market’s growth..
