Along with the bullish growth seen in the cryptocurrency market, you have probably recently been made aware of the widespread buzz about the NFT market.
Less than half a year ago, Mike Winkelmann (AKA Beeple) was unknown to the art world.
Less than a month ago Christie’s announced it was selling a digital work by Winkelmann, and in doing so would become the first major auction house to offer a standalone NFT work of art. Within the first hour of the work going live on 25 February, bids had rocketed from a mortal $100 to an incredulous $1m, thrusting Winkelmann into the upper echelons (price-wise at least) of the art market.
Lindsay Lohan and YouTuber Logan Paul both created some sort of digital collectibles based on NFTs; Post Malone teamed up with a startup called Fyooz to launch a celebrity beer pong league using NFTs; and the first NFT artwork just went on sale at major auction house Christie’s.
With big names and corporations like NBA and NFC endorsing and validating the legitimacy of NFTs, the future of the archaic artwork collectibles has undoubtedly taken a new path.
World of NFT opens doors of opportunities for independent , up and coming artists to not only showcase their work in an innovative fashion, but also offers a disruptive mechanism to assign and accrue value in their work.
