NFT Digital Art Trend: How Cryptocurrency Is Making Millionaires Out of Digital Artists

NFT Digital Art Trend: How Cryptocurrency is Making Millionaires Out of Digital Artists
One increasingly popular trend is the whole NFT crypto art trend. Here's how the growing industry is getting even bigger. Photo : Dave Hanson / Hey there, Dave here/YouTube

Digital collectibles are the new art currency of the internet. In fact, they have reportedly made a number of digital artists millionaires as digital art buyers purchase collectibles and limited edition artworks online.

NFT Art Millionaires Include Linkin Park's Mike Shinoda

According to an article by TechCrunch, a certain digital art piece that was created by Beeple has been sold for a whopping $6.6 million on the now rising Nifty Gateway, which is an online art marketplace catering more to the cryptocurrency world. Linkin Park's Mike Shinoda has even sold some clips of a song through another online marketplace called Zora, as reported by InputMag.

The marketplace works just like an art auction or art market except that it's digital. The process of buying, selling and basic transactions, however, is very different from what most art buyers are used to. The digital marketplace uses NFT or non-fundible tokens that live within the blockchain. Understanding this currency may be quite complicated, but it is a gateway into understanding how digital artists transact online.

What Is NFT Crypto? 

According to Ronin the Collector's statement to TechCrunch, he explained NTFs as digital assets that have "true ownership and provenance". He said that owners can track their origin and that they can only be owned by one person. This is similar to how every dollar has a serial number that shouldn't be the same with any other serial numbers.

Ronin explained the reason as to why people would pay for a short video clip or other forms of digital art. He also shared that inherently, humans, whether they like to admit it or not, like to own things.

The collector then explained that when someone owns something, it is about the connection--noting that the focus of purchasing a digital art is that there is something unique about its  ownership.

Read Also: The First Steps in Crypto - You Don't Have To Be a Technical Genius

How Do NFTs work? 

With NFTs, there is an exclusivity of rights and ownership to a particular art in an age where almost anything can be copied. The thing about these art owners, however, is that they would have legal rights to the art itself. The rise of the NFT market is now one of the most intriguing things to watch out for in the world of digital art.

According to CryptoSlam, a user actually bought a highlight of a LeBron James Dunk for the price of $208,000 last February! A blog post by NBA Top Shot also noted that they have reached about $50 million in their marketplace transactions. Over a 24-hour period some time last week, Top Shot has reportedly seen over $37 million in sales.

NFT is definitely becoming more mainstream as the massively successful popstar and mother of Elon Musk's latest child, Grimes, has reportedly sold a whopping $6.6 million worth of digital art on Nifty Gateway. According to an article by Bestzia, the popstar had made a chunk of this amount from selling hundreds of digital companies of one of the art pieces for a whopping $7,500!

 

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