What are NFTs?
NFTs stands for Non Fungible Tokens, tokens that have no digital equivalence in the digital world. Each NFT represents ownership of a unique digital asset, such as a piece of artwork. It is similar to any other physical piece of art. But it is saved in a file format, such as JPG, recorded and stored off the blockchain, while the corresponding token representing ownership is recorded and stored on the blockchain. So NFTs act like a certificate of authenticity verifying that each digital asset is unique and not interchangeable.
Best NFT Artists List
As we know the value and the relevance of digital art, we should also know the artists behind their creations. Hence, we introduce the top 5 NFT artists who have made a tremendous profit from selling their art via non-fungible tokens.
Beeple is the top-selling NFT artist in 2021. Mike Winkelmann became popular after selling the “Everydays: The First 5000 Days” piece for $69,346,250. Moreover, he has managed to sell 845 items of virtual art in total, averaging $133,849.86. If you aren’t familiar with NFT, you may still know some of his creations. The artist has worked on concept visuals and Flying Lotus videos for rap performers Eminem and Nicki Minaj.
He is a fascinating creator who covers a range of arts, such as animation and video production. Trevor started working on canvas before joining NFT. He included the interpretation of Pablo Picasso’s style in his digital collection. In 2017, Trevor bought his first bitcoin, inspired by the power of crypto. Up until the writing of this article, he has sold 5,284 pieces of art with an average price of $3,409.65 each. His top sale called “Genesis” is a collaboration with the comic book designer Jose Delbo.
This 18-year-old artist has already got a high place in the NFT market. She has sold 3103 NFT pieces, earning $5,812.16 for each of them. Her works depict caricatures, imaginations, and memories. The most expensive sale was “The Everlasting Beautiful” which represents a woman with a hand on her cheek. Each piece of art has a unique design with pops of colors and monochromatic parts. Now Fewocious is working on a clothing drop.
His identity is a mystery for the NFT world, although he’s been in digital art for two decades. Although no one knows his name, this artist has sold 1691 art pieces with an average price of $9,354.99. His work is appreciated by many, including Elon Musk. PAK’s most expensive item was “Metarift” sold at $900,072.96. It’s a 12-second video in which two structures turn opposite to each other.
Mad Dog Jones
If you are a fan of post-apocalyptic cityscapes, then consider following this artist. His works are about dream worlds and cyberpunk themes. He specializes in digital compositions, representing fantastic reality. Mad Dog Jones’s 43-second clip “Boardwalk” was sold for $388,888.00 in February. The artwork shows a towering building, a parked cab, and raindrops falling into the scene.
Where else can NFTs be used?
Despite some people’s distrust of NFTs, it is already used in many other ways. We’ve picked some popular ones below:
- Tickets: the ability to produce tickets for events using a non-fungible token. This idea tackles the problem of buying faked tickets or losing them.
- Fashion: NFTs can show data about the origins of an item. Having a record of authenticity eliminates problems such as counterfeit goods.
- Collectables: a non-fungible token ensures an item’s authenticity and acts as a kind of digital signature or stamp of approval.
- Gaming: NFTs provide a way of owning unique in-game assets. Items can be traded on the marketplace with no permission required from the game developer.
Why are NFTs becoming popular?
NFTs are creating a new stream of income for artists benefiting from the sale proceeds of their artwork. Also, when their work exchanges hands, their value as artists increases. They can also earn royalty fees as their work is traded in the market. For traders, the potential lies in reselling the artist’s work for a higher price.
Moreover, NFTs completely change the dynamics of how art is being bought and sold. Traditionally, transactions depend on intermediaries. Today content creators in various domains can sell their work without needing an intermediary or trusting a third party. Ownership is exchanged and recorded on the blockchain without tempering.