• 785 days Will The ECB Continue To Hike Rates?
  • 785 days Forbes: Aramco Remains Largest Company In The Middle East
  • 787 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,187 days Could Crypto Overtake Traditional Investment?
  • 1,192 days Americans Still Quitting Jobs At Record Pace
  • 1,194 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,197 days Is The Dollar Too Strong?
  • 1,197 days Big Tech Disappoints Investors on Earnings Calls
  • 1,198 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,200 days China Is Quietly Trying To Distance Itself From Russia
  • 1,200 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,204 days Crypto Investors Won Big In 2021
  • 1,204 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,205 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,207 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,208 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,211 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,212 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,212 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,214 days Are NFTs About To Take Over Gaming?
Big Money Pouring into Air Taxis

Big Money Pouring into Air Taxis

U.S.-based electric vertical takeoff and…

SuperBowl Is About to Set a New Betting Record

SuperBowl Is About to Set a New Betting Record

This Sunday, the Rams are…

  1. Home
  2. News
  3. Breaking News

The Token Boom Spawns Digital Gold Mine in Art, Collectibles

Art

For the old-school fine art connoisseurs, the artwork of elusive British artist Banksy, the art world’s elite prankster, might be considered offensive. Still, his art pieces are hugely popular at mainstream auction houses.

But that is not where it ends. There is also digital Banksy, or as the media calls him ‘fake Banksy” who just raised more than $1 million in cryptocurrency Ether from NFT (non-fungible token) sales.

Pest Control, which acts as an official authenticator for his artwork, calls it a knock-off, but that doesn’t seem to be putting a dent in demand. 

The artist behind the NFT, known only as Pest Supply, claims to base his work on Elaine Sturtevant, who rose to fame in the 1960s copying and reconstructing other artists’ pieces.

It’s all happening because of the rise of NFTs, which are cryptocurrency tokens used to represent assets such as digital art, movies or music.

 The NFT market is booming. 

Compared to 2019, it tripled last year to $250+ million.

And this year, NBA Top Shot, an NFT marketplace for basketball highlight reels, just cleared $95 million in sales in seven days.

It is, indeed, difficult to wrap your head around why people would pay six figures for a sports highlight clip they could probably watch for free. 

There are some benefits that can be expressed as tangible, however.

Each NFT is completely distinct from any other NFT and easily verifiable and traceable to the original issuer.   

And for artists, like the knock-off Banksy, selling artwork through an NFT platform gives them the opportunity to reach out to potential buyers globally without relying on fancy auction houses or galleries. NFTs also mean that artists can program royalties into their sales automatically. 

For the sports industry, it is best to think of the NFT craze as the new way to buy sports cards with clips created through blockchain. The clips are produced a fixed number of times and when they are gone they will be impossible to buy again, ostensibly making them worth a ton of money for the owners. They are encrypted, impossible to hack (so they say) and impossible to duplicate. Those are the key facets of anything “collectible”. 

For all the naysayers out there who think it’s ridiculous to pay six figures for something you can watch for free whenever you want, this isn’t about watching, it’s about collecting and the amount of money pouring into this seems to prove that collecting has definitively gone digital. 

Back to homepage

Leave a comment

Leave a comment