Since last year, the non-fungible token (NFT) art space has exploded, and statistics show that there’s been over 4.9 million sales worth well over $128 million to-date.
CryptoBigfoot has been created by Danosongs, an enigmatic artist whose content has been seen in thousands of videos, podcasts, games, and apps. The artist’s works have sold out within a few hours of listing, and many are being bid for secondary sales. Danosongs releases new works many times a week. The current NFT crypto art collection captures the elusive mystery of Bigfoot.
Crypto art is digital art carrying unique blockchain-based ID tags that confirm authenticity is selling for big money, able to be collected and traded just like regular art. Crypto art has grown because of how purely digital artworks can be bought, sold, or collected by anyone in a decentralized manner.
NFTs are becoming a widely accepted and legitimate means of authentication for digital (or digitized) art and its ownership. NFTs, pronounced “Nifties,” are a means of stamping any digital asset as a one-of-a-kind “original.” They carry a unique ID tag – based on the digital ledger infrastructure, or blockchain, commonly associated with cryptocurrencies such as bitcoin – that is traceable back to the asset’s original creator. This ID serves as a digital representation of that creator’s “signature,” authenticating the asset as the original version.
NFTs are non-fungible, blockchain-supported, and cryptographic tokens that represent a particular item or project. They are unique because the core concept of an NFT cannot be duplicated or replaced with any other subject, and once traded, the owner gets a completely different thing in lieu of them. They work as a token of authenticity and represent the creator in the decentralized space. Today, we see a wide range of NFTs depicting digital artwork, music, and many other off-beat art fields too such as NFT games, Crypto Kitties, Crypto Punks, Cyberkongz, etc.
On March 3, an anonymous group calling themselves “art and NFT enthusiasts” set alight a US$95,000 Banksy original print live on social media and put up its non-fungible token (NFT) – a digitized, one-of-a-kind version of the print – for investors to bid on. After a five-day bidding war, it sold for 228.69 Ether, a cryptocurrency, on the trading platform OpenSea, an amount equivalent to about US$380,000.
Earlier in the week, the singer known as Grimes made US$6 million in 20 minutes by selling her digital artworks, also sold as NFTs, in an online auction.
NFT Collectors can buy and sell digital works at marketplaces like Zora, SuperRare, and Nifty Gateway. There are just one or a few versions of an NFT-based work that are “minted” on the blockchain. This scarcity introduces value and exclusivity to the digital art world.