At the start of the year, hardly anyone was talking about NFT, just a few crypto experts. However, at the end of the year, an expenditure of around 35,000 million euros in NFT is estimated.
Before we valued material goods that we could touch and see (gold, stamps, works of art), and now we do more and more on intangible goods that we mainly see, but that we can’t touch. NFTs (Non-Fungible Tokens) these are digital assets which are basically based on this idea.
Cryptocurrencies are an approximation of this principle, but NFTs go a step further and apply this concept of store of value to these more collector-oriented items.
âThis year, the NFT market has exploded from a market of less than a billion dollars to an industry of tens of billions,â said Mason Nystrom, research analyst at crypto data group Messari.
However, the popularity of NFTs exploded in March 2021, when a collage by artist Beeple (first name Mike Winkelmannse) called Everydays: the first 5000 days are sold for 69.3 million dollars at Christie’s, at the auction house’s first such sale.
Beeple | The first 5,000 days are open for auction until March 11 at 10 a.m. EST! . #Beeple #digitalart #beeplepeople #digitalartist #artist #art # thefirst5000days #nft #blockchainart #blockchain @beeple_crap pic.twitter.com/o7MfsPyxTf
– Christie’s (@ChristiesInc) February 26, 2021
The artwork is a collage of just over 5,000 images created (one per day) by Beeple over the past 13 years. The auction was paid in ETH, further certifying, by Christie’s, that the The 21,069 x 21,069 pixel image was totally unique.
Beeple, who has made millions with his works, has now become the ultimate performer of this theoretical revolution that art and collecting could experience with NFTs. Long-time enthusiasts they hope tokens will one day boost e-commerce in any metaverse full of digital avatars.
Here, NFTs could refer to ownership of virtual goods, be it clothing for digital avatars or art for the walls of their digital homes. Nike recently announced that it bought a virtual shoe company to create virtual sneakers.
Either way, the future of the NFT market will also depend on the stance taken by regulators as the free market grows, so you won’t have to wait to find out what your future is.