Digital art is trending, and the demand for NFT is growing. In February, the sale of digital items amounted to about $500 million, according to Forbes, with some artists earning millions of dollars on their digital art collections.
It seems incomprehensible to many why people are willing to spend money on digital art when it remains in the public domain, allowing anyone to copy the artwork. This idea will become more comprehensible when defining NFT in art and discussing how it generally works.
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What are NFTs in art?
NFTs are non-fungible tokens that represent claims of ownership of digital objects of almost all kinds: texts, images, audio recordings, digital works of art, game items or characters, domain names, financial instruments, club cards, etc.
The main idea behind NFTs is their uniqueness. NFTs represent a record of ownership of one of kind and unique digital items. It does not matter how many people have copied the artwork as long as the original creator holds the NFT that represents it. The holder of NFT is the legitimate and only owner of it despite the spread of other fake or duplicate copies on the internet, and he is entitled to sell it and receive funds from those who want to buy his artwork.
NFT is a record about the author of a digital object and information about its future buyers, cost, etc. People interested in buying an NFT representing digital art can do so through designated marketplaces such as Opensea, most of which are issued and stored on the Ethereum blockchain.
NFTs fall into several main categories:
• Art: paintings, images, gifs, photographs;
• Sports: cards, videos, auto parts;
• Finance: options, insurance;
• Games: characters, cards;
• Domain names;
• The property;
• Words and tags;
The creator or artist can register on an NFT marketplace, such as Opensea, upload his artwork, mint his NFT to prove ownership and then display his artwork for sale on the platform.
If he does this on a marketplace built on the Ethereum blockchain, he will need to pay a commission or gas fee in ETH for issuance. After that, the digital item enters the marketplace to be sold through an auction or directly from a catalog. Buyers must also pay a transaction fee for ownership transfer.
Trscaion fees are very expreiense on platform that use the erthuerm blockchian. Some marketplaces such as Nifty Gateway offer 0% gas fees for creating and selling your NFT.
Let’s look at some digital artists who capitalized on NFTs and blockchain technology.
Artist Beeple sold his digital collage “Everydays: The First 5000 Days” for $69 million. Beeple is a well-known artist on Instagram. He has over 2 million followers and has collaborated with global brands such as Louis Vuitton, Nike, Apple, and SpaceX. He also made visual effects for Katy Perry, Ariana Grande, Justin Bieber, Nicki Minaj, and Childish Gambino. In addition, his work includes the famous 10-second video with Donald Trump, which sold for $ 67 thousand and then resold for $ 6.6 million. The author’s works can be viewed and purchased on marketplaces such as Nifty Gateway, OpenSea, and Christie’s. Their cost ranges from $969 to $6.6 million.
Frm46 is the nickname of the graphic designer Evgeny Zubkov. Evgeny created viral content for popular games, such as Cyberpunk 2077, PUBG, and Valorant. The artist sold his most expensive piece, PANDORA’S BOX, for $ 10,488. The painting depicts a girl sent down to Earth to bring misfortune. The author’s work resembles the post-Soviet reality in a cyberpunk setting, attracting an English-speaking audience. You can buy paintings by the author on Foundation and OpenSea.
Justin Royland, the creator of Rick and Morty, has sold his digital artwork, The Best I Could Do, for over $ 1 million.
“The best I could do. Testing the boundaries of crypto art. What makes something valuable? The art? The artist? The process? The state of mind while created? The intention of the piece? Feeling good about this collection”- commented Justin.
The author continues to create and sell his work. He donates part of his proceeds to the homeless fund in Los Angeles. You can buy his artwork on the Nifty Gateway marketplace, acquired by Gemini, a centralized crypto exchange.
Nikita Replyansky is a 3D artist from Moscow nicknamed R66. He has worked with brands such as Adobe, Adidas, and Asics. He also collaborated with the Tretyakov Gallery and the music group, Bring Me The Horizon.
The most expensive work of the author is Shaping The History, depicting a cyborg girl, estimated at $5395.
The author likes to combine people with technologies in his works to eliminate suffering and illness. You can buy R66 artwork at SuperRare, AsyncArt, and OpenSea marketplaces.
Art based on blockchain technology has opened new doors of possibilities for artists and art traders. NFTs have grabbed the attention of the masses, growing exponentially in terms of adoption and the number of people who trade them. The technology has also allowed the world to see new talent stepping out of the shadows and shining.