What is an NFT – and should you be adding one to your art collection?

Source | Luxury London

The blockchain-backed digital art market is booming, with investments up nearly 300% last year. Here’s what you need to know about the brave new world of NFTs

On 11 March 2021, 24 hours after this article was commissioned, Mike Winkelmann – better known by his online moniker Beeple – sold his digital artwork First 5,000 Days via an online Christie’s auction for $69.3 million. The third highest amount ever paid for an artwork by a living artist.

It’s worth noting that this sale came after months of increasingly valuable digital art auctions. In October, Winkelmann sold his first series of NFTs, with a pair going for $66,666.66 each. In December, he sold a series of works for $3.5 million total. And, last month, one of the NFTs that originally sold for $66,666.66 was resold for $6.6 million.

A few factors explain why Beeple’s work has become so valuable. For one, he’s developed a large fan base, with around 2.5 million followers across social channels. He’s also famously prolific: as part of a project called Everydays, Winkelmann creates and publishes a new digital artwork every day. The project is now in its thirteenth year, meaning there are over 5,000 pieces in the series.

Beeple | NFT

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Acid House | Collectible NFTs