This work is a collage made by collecting photos that the artist has posted online every day since 2007. Digital artist Beeple is famous enough to work with pop stars such as Justin Bieber and Katy Perry. The 10-second video'Crossroad' he produced was bought last year by a collector for 67,000 dollars and sold it for 6.6 million dollars last month.
If the cryptocurrency eldest bitcoin is attracting attention due to its price increase in the asset market, the NFT (Non-Fungible Token) craze for digital ownership is blowing, shaking the art field. As the market grows rapidly in conjunction with COVID-19, there is also a story that the NFT can become the'second bitcoin'.
When NFT is applied to a work, the ownership and transaction history of the work are specified, so you have your own digital work. NFT becomes a kind of certificate. Since it originally used a blockchain technology that makes it impossible to duplicate, it is difficult to produce fake or counterfeit products, and the exclusive right of the owner is guaranteed. Above all, NFT is already growing as the core of a blast in the art auction market thanks to the characteristics of making art works easier to sell and distribute than before.
According to'Blockonomi', a website specializing all aspects of cryptocurrency and blockchain economy, the NFT market is growing rapidly which is mainly based on games and art, and its size is about 7 times from $30 million in 2017 to $210 million in 2019. It is known that it has grown longer.
NFT is similar to Bitcoin in that it is a virtual asset created based on blockchain technology. However, it is different in that it is impossible to replace one token with another. Bitcoin, Ethereum, and stable coins (value-stabilized currency) can be considered as alternative tokens (FT, Fungible Token) that can be traded for the same value. On the other hand, NFT has scarcity because each token represents a unique asset with a different value. In simple terms, if bitcoin is a coin, NFT can be said to be a commemorative coin with a picture and serial number of its own design.
The art auction market using NFT is growing. On March 4, the U.S. blockchain company Injective Protocol burned the original ''Morons'' by graffiti artist Banksy, turned the work into NFT, and sold it for 228.69 Ether in cryptocurrency.
The Injective Protocol side said, "If real and digital art exist together, the real value will inevitably be high." Grimes, the wife and singer of Tesla's CEO Elon Musk, also sold a digital painting at an auction for $5.8 million in 20 minutes.
British contemporary art master Damien Hirst also joined the wave of the NFT. Hirst announced that he plans to release 10,000 pieces of his work to the world intangible such as NFT. Hirst said through his SNS on the 14th, “For five years, we have been secretly working on a project called'Currency' with the HENI group. You will come out into the world through it.” Earlier, Hirst introduced cryptocurrencies such as Bitcoin and Ethereum as payment methods while selling 8 types of prints depicting cherry blossoms online. The online sales that took place earlier this month attracted more than 4,000 buyers to buy 7481 points. At a rate of 3,000 dollars per store, it is equivalent to selling 22.4 million dollars.
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NFTs are taking the world by a storm and too many coins are riding this new wave od popularity