I have been hearing about NFTs (non-fungible tokens) for a couple of weeks and decided I would find out what the big deal is. At first all the terms and ideas seem like they are from outer space but after a while it’s starting to make sense to me. If you have no idea what I am talking about here is a brief description from at one37pm.com:
NFTs are a type of token that are going to completely revolutionize entire industries by changing the way we share and consume pretty much everything.
Matthew Chaim , one37pm.com
I am not going to try to explain all of the technical aspects of this, but the bottom line is that NFTs are creating a great opportunity for artists and collectors, especially digital artists whose work is not easily collectable since it only exists on a computer. One exciting aspect of NFTs is that unlike physical artwork, the creator/artist can include a royalty for future sales of the work. Seeing the opportunity, I have thrown my hat into the NFT ring.
First I minted an NFT of my Black Jesus collage painting on foundation.app. It is currently for sale and available. Once the reserve bid of .5 ETH is met a 24-hour auction will begin.
I minted another NFT on Rarible.com. The description on this one reads “Who Run the World?” The “buy it now” price for Beyonce is 6.66 ETH. The auction on this one is already live, you can make an offer of any amount you like.
There have been many famous people and entities getting into the NFT space including Mark Cuban, Elon Musk, Gary Vaynercheck, the NBA, and even Lindsey Lohan! Recently a digital artist known as Beeple sold an NFT through Christie’s auction house for $69,000,000!!!
All of this NFT news is really exciting and it feels like the possibilities are endless. I am eager to see where this will go in the future!
I would love to hear your thoughts about NFTs in the comments! Have you created, bought or sold any?