NFTs and Digital Art Collections, a Flourishing Market to Explore
Sophia Cruz • 2 min read
In today’s digital trends, the NFT is transforming digital art and collectibles into profitable ones. NFTs, also known as Non-fungible Tokens, have become one of the “unique” digital assets stored in the blockchain.
Auction houses like Christie sell different collectibles and artworks with six-digit and more in price. The most recent world record amounting to over $69M being paid for a JPEG file name “Beeple” was created by an American artist Mike Winkelmann.
As we live in a digitized world, even digital art and owned images can get you rich by turning them into NFT. The best example of this is CryptoPunk, first launched in 2017 which grew rapidly in the NFT market. The project was started by Matt Hall and John Watkinson- founders of New York-based software company Larva Labs, the man behind the million-dollar collectibles which was only given away to members of the crypto community for free. Now CryptoPunks are being sold for millions.
The hype in NFT is caused by the upsurge in cryptocurrencies around the world. One other reason is NFTs are limited edition collectibles that no one can replace or exchange, with crypto art being the top item sold on the ETH-based markets. Subsequently, digital art and collectibles increase their market price based on the rarity examinations of certain aspects that the crypto art and community respect.
There are a lot of projects like Cryptopunk in the market. The Ksoids project is the “first generative art of 3D characters” which later appeared on top of the charts on OpenSea a few days after. Meanwhile, Larva Labs released a collection “The Meebits” which has 20,000 unique 3D voxel characters and made $72,976,613 from its public sale.
Many people are engaged in making digital art. This talent could be one of the greatest assets with which you can earn big profits and surf into the wave of today’s technology. High profile investors are including NFT on their crypto portfolios to expand their investments and somehow this created exclusive clubs. Many NFT buyers are art enthusiasts and investors who want to own a unique piece in the digital world.