Music and Art NFTs Are Going Mainstream

Crypto artist Beeple has recently made headlines for selling the highest-valued crypto art piece to date.

Credit: The Verge

Recently, a digital artwork sold at Christie’s Auction House for an incredible $69m. The winning bidder will not be receiving a tangible artwork in return. Instead, they will receive a unique digital token known as an NFT.

NFT stands for non-fungible token. Economically speaking, a non-fungible token relates to units which can be readily interchanged, like money. They are unique collectible tokens which are permanently tied to, for example, digital music and art.

As Bitcoin is hailed as the digital answer to currency, NFTs are now considered the answer to digital collectibles. The value of NFTs is based on the product’s originality and the NFT itself can not be destroyed, duplicated or deleted. Though NFTs have been around for many years, recently the market has exploded. In February, an animated cat with a pop-tart body sold for $600,000 USD.

Credit: The Business Times

Celebrities, collectors and brands are able to utilise NFTs as a new way to develop relationships with fans or seek out new customers. Stored on the Ethereum blockchain, elements from one platform can not be moved to another.

NFTs track the ownership and guarantee the authenticity of art and also allow for the monetisation of digital mechandise. Media coverage and celebrity support have resulted in the popularity of NFTs rising, also due to the rising potential of digital art.

Who F*cked Ryder Ripps?

Credit: Billboard

In recent news, Azaelia Banks made a controversial move to sell an NFT for over $17,000 USD. The 24-minute album, entitled “I F*CKED RYDER RIPPS” is a recording of rapper Azaelia Banks and her boyfriend, conceptual artist and programmer Ryder Ripps, having sex.

Nine hours later, an artist, going by the name “Rulton Ryder” bought it for the same price, according to the listing on NFT Marketplace Foundation.

Artist Beeple has also recently sold an artwork for $6m USD. The artwork depicts Donald Trump collapsed on the ground in an urban park.

This year, artist Beeple, whose real name is Mike Winkelmann, told the BBC:

“I actually do think there will be a bubble, to be quite honest… And I think we could be in that bubble right now.”

Others are more sceptical about the format. Author of Attack of the 50-foot Blockchain, David Gerard, told the BBC that he views NFTs as similar to trading cards referring to sellers as “crypto-grifters”,

“There are some artists absolutely making bank on this stuff… it’s just that you probably won’t… The same guys who’ve always been at it, trying to come up with a new form of worthless magic bean that they can sell for money.”

Former Christie’s auctioneer Charles Allsopp said the concept of buying NFTs made “no sense”.

“The idea of buying something which isn’t there is just strange… I think people who invest in it are slight mugs, but I hope they don’t lose their money.”

Source: BBC

What are NFTs worth?

In 2020, famous heiress Paris Hilton sold an Ethereum-based artwork for $17,000. The artwork, depicting a painting of her cat, Munchkin, sold for 40 ETH.

Taco Bell recently released a series of $1 NFTs to commemorate the return of their much-loved potatoes. Some buyers have reportedly resold their NFT’s for as much as $3,000 USD.

Award-winning recording artist Grimes has also sold some of her digital art for more than $6m USD.

A series of 10 pieces — some one of a kind, others with thousands of copies — went up for sale on Nifty Gateway on February 28th. The highest-selling piece was a one-of-a-kind video called “Death of the Old” that involves flying cherubs, a cross, a sword, and glowing light that’s set to an original song by Grimes. The winning bidder took it for nearly $389,000.

Source: The Verge

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