NFT’s or Non Fungible Tokens are hot. The popularity of NFT’s have exploded this year.
For those who have been living under a rock; a NFT is an asset on a blockchain.
On the blockchain the asset’s authenticity and ownership can be verified.
NFT’s are often created in low numbers, often just one to create scarcity.
It’s the scarcity and the uniqueness that can drive up the price to (in my eyes) ridiculous heights.
Although there is no accounting for taste, ‘traditional art’ is sometimes also sold for bizarre prices.
A perfect example is the ‘artwork’ of a banana duct taped to a wall by Italian artist Maurizio Cattelan that was sold for 120,000 US dollar.
But this crazyness (as I call it) has also reached the NFT business.
This animated gif of a was created 10 years ago by Chris Torres. The cat became a very popular internet meme. Chris has remastered the original animation and created a NFT from it.
The one-of-a-kind NFT was sold in an online auction on Friday February 19th 2021 for nearly 600,000 USD in ETH.
The identity of the new owner of the digital piece of art is yet unknown. Yet the existing Nyan Cat Gif will still be online.
This piece of art is one of 24 Ape punks created by studio Larva Labs; consisting of software developers Matt Hall and John Watkinson.
The first sale of this artwork was on July 3, 2017. It was then sold for $1,106 USD. Last February, only 4 years later, Punk 6965 was sold for a whopping 1.54 Million USD.
After the first two examples you must think it doesn’t get any crazier, but it does.
Digital artist Pak put up his gray pixel for sale at Sotheby's. Three bidders spent an hour fighting over the pixel
which resulted in a sale price of $1.36 million US
It seems like everyone wants a slice. “Disaster Girl”, the girl that became famous for the photo that has gone viral in 2005, decided to create an NFT from her iconic photo. The picture of the four year old Zoë Roth was sold for $500K USD. The 21 year old Zoë will use the money to pay for her college.
Can really everything be turned into gold when you create an NFT from it? It seems like it.
Recently a screenshot of the 15 year old first tweet of Twitter CEO Jack Dorsey was sold for nearly 3 million USD.
The winner of the auction was Sina Estavi, CEO of a company called Bridge Oracle.
Dorsey donated the money to charity.
Mike Winkelmann, a digital artist better known as Beeple, had created many NFT’s in the past. Until October last year the most he earned for a single print was $100.
Winkelmann created a NFT everyday for years in a row. He combined the result of his first 5000 NFT’s in a single NFT and put it up for sale in an auction.
On march 11th 2021 this piece of art was sold for $69 million at Christie’s.
The NFT craziness seems to be represented by a new generation. Christie’s said that over 90% of the bidders on Beeples masterpiece were new clients of Christie’s and nearly two-thirds were millennials or younger.
Although some of the NFT art is really nice and the artist have done their best to create something unique, there is also a lot of rubbish.
I really don’t understand why anyone would pay these amounts for things like a grey pixel, a screenshot or a photo that has been distributed millions of times already.
It’s not like you bought the Mona Lisa or something.
Do they really think these ‘unique’ NFT’s will even become more valuable than they are now? Where will this end?
Personally I think NFT's are here to stay. Many games are adopting them and also singers and bands are creating NFT's for their fans. There are many use cases for them. But will people keep paying these enormous amounts for a grey pixel?
If they are I will start creating more NFT's right away...
I actually am selling some of my NFT's on the Wax Blockchain including three of my own photos.
So if you always wanted a real FriendlyMoose NFT; this is your chance. They might be worth a tons in a few years 😉
Does anyone else here have any experience with selling their own art/photos as NFT's?
👍 Upvotes are appreciated 👍
Follow me on Hive: @friendlymoose
Follow me on Noise.Cash: https://noise.cash/u/FriendlyMoose
NFT's of my photos are on wax.atomichub.io
I'm crypto and security enthousiast with a passion for photography that likes to play games.
