NFTs Mania: Are NBA Digital Currency Collectibles And Blockchain Art Future Or A Fad?

Art based on digital currency is being developed. The artwork was developed based on the bidding on non-fungible tokens (NFTs) of Beeple for digital currency. This is the very first solely digital artwork being sold in an art auction. The auction will take place on online platform of Christie. Known as “Everydays: The First 5000 Days”, the artwork consists of Beeple platform’s 5000 images’ collage created in 5000 days. Furthermore, the Christie platform also denoted a token for the world’s second-largest blockchain network Ethereum, which will serve as an option for payment during sales.

Beeple

Beeple is one of the small and rising numbers of artists that can employ NFTs powered by blockchains in order to platform their artwork.

NFTs are emerging as growing collectibles, music, and gaming sectors. That is because they are a unique digital asset whose authenticity can be tracked on the blockchain. Recently, the NFT market value became triple its size of 2020. This meant an increase of 299% in a single year.

Crypto Art

The crypto art market is new. Nevertheless, the market has earned more than $138 million from selling 82k artworks. Moreover, Beeple also managed to sell 824 artworks that were worth $20 million. On the other hand, Pak sold 1,643 artworks that had a value of $7 million. These statistics were provided from CryptoArt.io. Beeple and Pak. The company is often regarded as the Satisho of Crypto Art too.

The world of traditional art was severely smacked by the Covid-19 outbreak. As museums, exhibitions, and other art-related infrastructure had to be shut down. Due to this vacuum, sellers and art creators have shifted to digital works, like Non-Fungible Tokens and blockchain.

Beeple, a man from Wisconsin, having 1.8M Instagram followers, is known as the largest digital artist based on blockchain. He is very famous for his images based on political overtones. He sold an NFT artwork worth $3.5 billion and is set to sell another blockchain-powered art marketplace at Christie’s auction soon.

Although the NFT world makes up a tiny portion of the digital currency world, its dynamics are growing at a fast rate. In fact, it grew by the percentage of 97%. That is because it had 112,731 users in 2019 and had 222 179 in the year 2020.

Author: MubaShar Nawaz
MubaShar Nawaz is an experienced writer working for TheForexPro.info. Having passion for writing, he covers news articles from the finance and trading world.

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