The rise of NFT’s

Last month, while I was enjoying a hot cup of tea with friends, an NFT digital art collage , “Everydays”,  by American artist Beeple,  got sold at $69 million dollars at  an auction at Christies.  “Everydays” became the most expensive digital image globally, and the world woke up to new chapter in NFT history.

Christies named Beeple as one the top 3 most valuable living artists in the world.

 

“Artists have been using hardware and software to create artwork and distribute it on the internet for the last 20 plus years but there was never a real way to truly own and collect it”, Mike Winkelmann, known professionally as Beeple.

-“Everydays: the first 5000 days” by Beeple

“With NFTs that has now changed. I believe we are witnessing the beginning of the next chapter in art history, digital art.”, Mike Winkelmann.

An NFT is a digital certificate of ownership on the blockchain, of an asset.  NFT’s not only can be used to represent assets in virtual space, but can also be used for representing physical assets like collectibles, documents and contracts etc which can be created and sold as digital assets. This unique combination of art with blockchain technology has become a much sought after investment and is generating large incomes for artists globally.

Evolving beyond digital art, NFT’s are taking the music and sports world by storm as well. 

In the past month, Music artist Justin Blau, known professionally as 3LAU, has ushered in $17 million via NFTs.

And world famous rock band, Kings of Leon, have released their new album as an NFT. 

In the sports word, digital collectibles of NBA highlights have been bought and sold for more than $230 million dollars.

A LeBron James highlight sold for $200,000.

 

Image: Lebron James Dunking sold as an NFT

2020 showed us the exponential rise of the  NFT markets, growing from $44 million to $338 Million over 2 years. Non-fungible tokens have become potential investment opportunities and are being sold for millions of dollars  worth of Ethereum. 

Whether you are new to NFT’s and blockchain or already  using blockchain in your services, if you would like to discuss more about  blockchain technologies, we could discuss this further. 

We at Future Tech have an experienced team of blockchain experts whom you could hire to transform your blockchain based ideas into reality.

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