A video clip created by digital artist Beeple, whose real name is Mike Winkelmann, was flipped for a record $6.6 million recently. It had originally been bought for around $67,000. Beeple is like a banksy of digital art … Esquire has a good profile on him.
CryptoKitties were one of the earliest types of NFTs in 2017 – the idea of buying a digital cat was considered weird back then.
What kinda stuff can I buy as an NFT?
There’s a lot of art. Some of it seems a bit trolly – a Homer Simpson Pepe digital artwork was sold recently forl $390,000 online.
In the “real art world” Robert Alice sold his artwork Block 21– at christies auction house last year for $130,000. it was a physical painting that also comes with an NFT. The two pieces are linked: the digital component of the artwork is only visible during daylight within the time zone in which it is geographically located. As the owner of the NFT, the buyer can control the visibility of the artwork by changing where it is located.
According to Business Insider, the most popular NFT platform – NBA Top Shot – has sold nearly $US270 ($349) million worth of unique NBA video highlights.
These are clips you can find online – but they’ve been turned into digital playing cards thanks to blockchain. For sports fans The Bleacher report has a good feature on the marketplace.
Who’s making money?
Billionaire investor Mark Cuban is into NFTs has been vocal about his investment in digital tokens like NFTs.
Grimes made $US5.8 ($7) million in under 20 minutes selling her digital collection WarNymph on the NFT trading platform Nifty Gateway.
Lindsey Lohan sold an NFT for $US59,000 ($76,216) in February.
How do I buy one?
In order to purchase an NFT, buyers must use digital currencies like Ethereum’s Ether (ETH) orWorld Asset eXchange (WAX). While ETH is one of the most popular NFT currencies, each platform chooses its digital wallet service.
What about the environment?
Producing crypto anything is really bad for the environment, as you’re asking a computer to race through really power intensive processes. The more powerful the computer, the more likely you are to create something valuable.