Rockstars of the NFT world. Are you one of them.
by Shiju K S on April 1, 2021
3 clues, on what the 2nd part of our 4-part series focussing on Non-Fungible Tokens aka NFTs, will talk about – Everydays: The First 5000 Days, Beeple, $69.3 million.
For those, struggling to cope with the frenetic speed that the Crypto and the NFT markets are running at, that’s the eye-watering price tag Christie’s auctioned Mike Winkelmann’s (Beeple is a real person!) digital collage dubbed “art piece” for. It also happens to be the 3rd highest successful auction sale in Christies long history. But that’s not the spectacular beginning of a summer blockbuster. That is the moment where after facing trials and tribulations, the hero seems to find his superpowers.
The story of Whos Who of the NFT stage had to begin with the internet’s most-beloved obsession – cats. That’s right, debuting as tradable collectibles, Cryptokitties created by Canadian company Dapper Labs, debuted in the December of 2017. A digital game/platform where you breed and trade virtual cats saw its flashpoint in January 2019 with Pudding Daintytot. A crypto kitty, with hearts sprinkled over its chest, draconic horns, wings, a tail, and a rainbow cresting behind has a whopping price tag of $1M.
As if to balance this out, Logan Paul, recently voted the second most hated person on the internet, kicked off the mainstream NFT boom by selling NFTs worth $5 million upon his debut in the crypto space. Most recently, the latest round of a set of digital Pokemon card images featuring an anime version of Paul raked in a total of $504,990. Hate doesn’t equate with money, clearly.
Come July 2020, and Captain Kirk goes boldly where no man has gone before! sort of. The legendary William Shatner minted 10,000 NFT “packs,” featuring images of his life and career, and most notably even an X-ray of Shatner’s teeth. The digital trading cards sold out within nine minutes, with one of the rarest cards selling for $6,800.
Paris Hilton and Lindsay Lohan have been riding the NFT wave too as both have auctioned or sold NFTs to raise money for charities. Their cumulative sales are touching $100,000 and it’s safe to say we’ll be seeing more releases from them.
The music industry is undergoing an exciting shift as well as last month in one of the major successes, synth-pop star Grimes minted $5.8 million in under 20 minutes selling her collection of 10 NFTs, titled “War Nymph”. Apart from what was essentially Grimesian art itself, the NFTs also features snippets of Grimes’s upcoming music, which opens up a whole new way for artists to interact with their fans. Shawn Mendes, 3Lau, and Steve Aoki are just some of the music artists who are venturing into NFTs with new music, animated artworks, and even exclusive super-fan perks and making big bucks. As Kings of Leon did with their latest album When You See Yourself. Also released as an NFT, it gave the band’s fans who bought the NFTs, moving album covers, digital downloads, concert tickets, and limited-edition vinyl.
The latest from Ground Zero is that Silicon Valley also has joined the NFT party and started having fun. Billionaire entrepreneur Mark Cuban was early on the NFT wave and an NBA Top Shot Pro, the digital marketplace for tradable basketball cards that have generated over $300 million in sales. He’s frequently selling NFTs for upwards of $81,000. Twitter founder Jack Dorsey almost exactly 15 years after he posted the 1st ever tweet also minted an NFT of the post and put it up for auction with the current highest bid of $2.5 million.
Novelty, a sense of scarcity, and celebrity have turned the attention upon a previously niche corner of the crypto-universe. NFTs are a logical through line of inherently fungible cryptocurrencies that turn digital assets into desirable collectibles.
As more users increasingly adopt blockchain technology, more awareness of this exciting industry will bring in innovation and enhance value across industries. For now, let’s enjoy the action in Crypto collectibles, gaming, and artwork NFTs now.