Non-fungible tokens are coming. From Beeple’s “Crossroads” (sold for $6.6M) to dj 3LAU’s musical works (sold for $11M), those crypto-based digital artworks are now everywhere. And it seems to be there for long. NFTs are going mainstream.
Have you heard of NFT martketplaces like OpenSea, Rarible or Nifty Gateway? Probably not. Have you already listened to 3LAU or Grimes (she also sold a few items for $6M recently)? Maybe not. But it doesn’t really matter. As those unique tokens -unlike Bitcoins- are extremely sough-after, in our post-pandemic world where people have (at least for some of them) a lot of cash to invest.
Be careful, though. As art critic Kenny Schachter explained a few days ago, NFT is not a new artistic discipline, but rather a new (and super innovative) way to distribute and sell artworks, using the blockchain.
Many of the commentators see there a bubble, and it’s probably true. Except the technique itself -using a transparent procedure to market digital art- won’t disappear like this. For one reason: art is just the first aspect of this cultural revolution. We’ve already seen a few items that could be described as crypto music or even crypto fashion. What? Digital fashion? That’s true. And Nike even filed a patent for CryptoKicks tokens.
The future is crypto.