#6 NFT and The Rise of Digital Art
Millions of dollars for a JPG file? Decoding the latest blockchain craze
Over the last two weeks, stories about NFTs have crept into the news cycle. A Canadian musician/artist is making millions for something no one understands, and Nyan Cat GIF has been sold for $603,000.
Another social media fad? I did not pay much heed (also because NFT is linked to blockchain technology and the b-word intimidates me) until Thursday.
On 11 Mar 2021, history was created.
A JPG file made by the digital artist known as Beeple aka Mike Winkelmann was sold in an online auction for $69.3 million. It is a collage of 5,000 individual images which he made and posted on Instagram every day for over thirteen years.
“The First 5000 days” becomes the most expensive digital image ever. The price is a new high for an artwork that exists only digitally, beating auction records for physical paintings.
It is also the world’s most valuable NFT-backed digital art. And Beeple is now among the top three most valuable living artists!
You might wonder, why would anyone pay for online artwork that they can already get for free? The answer goes to the heart of this emerging digital economy and opens up new avenues for artists to (finally) make more money for their work.
But first: what even are NFTs?
“With the advent of NFTs, I believe we are witnessing the beginning of the next chapter in art history, digital art”, said Beeple. NFT seems to be the future of collectibles and the expanding digital resource economy.
But I feel it’s too soon to come to that conclusion. NFT crypto-art is a layered topic. Unless we explore the relation of the niche subculture of cryptocurrencies alongside the long-standing philosophical question about the nature of art, the picture is incomplete.
That said, I think it will be interesting to explore the impact of NFT on the world of digital art. This aspect will be covered in Part 2 | Issue #7. Let me know if you want me to cover anything specific in the next issue. I am all ears!
This was my humble attempt at breaking down the complex topic of Non-Fungible Token (NFT). Was this useful?
Also, the next time somebody asks you about NFTs, instead of explaining you could just forward this post!
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Interesting finds:
I have never understood Blockchain. But while reading about NFTs, I came across this simple explainer video that helped me understand the topic.
Nyan Cat is the name of an animation that became a viral internet sensation. It is completing 10 years, and the creator Chris Torres decided to dabble in the NFT world to celebrate. He put a one-of-a-kind version of it up for auction - see the auction bids for Nyan Cat.
NFTs have been around for years, but it’s only recently that the market exploded. It made its debut in 2017 with CryptoKitties - a game that allowed people to buy and breed limited-edition digital cats with cryptocurrency. You can also start your digital cat collection!
This issue is a curation of information on NFTs, put out by individuals and organizations. To name a few - Christie’s, 3D Gladiator, The Nifty Report, ArtReview.
Folks, this was issue #6 of Holy Rabies! and Part 1 - where we talked about what is NFT and how it’s changing the world of digital art.
Issue #7 | Part 2 on NFTs will be out on 1 April 2021.
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Monica