In today’s digital trends, NFT turns digital art and collectibles into profitable items. NFTs, also known as non-fungible tokens, have become one of the “unique” digital assets stored on the blockchain.
Auction houses like Christie’s sell different collectibles and works of art with a six-figure price and above. The most recent world record of over $69 million paid for a “Beeple” JPEG filename was created by American artist Mike Winkelmann.
As we live in a digitized world, even digital art and owned images can enrich you by turning them into NFTs. The best example of this is CryptoPunk, first launched in 2017, which has seen rapid growth in the NFT market. The project was started by Matt Hall and John Watkinson, founders of New York-based software company Larva Labs, the man behind the million-dollar collectibles that were given away for free only to members. of the crypto community. Now CryptoPunks are sold for millions.
The hype of NFT is caused by the upsurge of cryptocurrencies around the world. Another reason is that NFTs are limited-edition collectibles that no one can replace or trade, with crypto art being the top-selling item on the market. ETHbased on markets. Subsequently, digital art and collectibles increase their price in the market based on rarity reviews of certain aspects that crypto art and the community respect.
There are many projects like Cryptopunk in the market. The Ksoids project is the “first generative 3D character art” which later topped the charts on OpenSea a few days after. Meanwhile, Larva Labs released “The Meebits” collection which features 20,000 unique 3D voxel characters and earned $72,976,613 from its public sale.
Many people are engaged in creating digital art. This talent could be one of the greatest assets with which you can make big profits and ride the wave of technology today. High profile investors are including NFT in their crypto portfolios to expand their investments and this has kind of created exclusive clubs. Many NFT buyers are art enthusiasts and investors who want to own a unique piece in the digital world.