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Why NFT Arts Are A Bubble
Back in March, the famous digital artist Mike Winkelmann, also known as Beeple on Instagram, made history when his NFT art titled “Everydays: The First 5000 Days” sold for a whopping $69 million at auction at Christie’s platform.
Winkelmann’s NFT was a jpeg file of a digital collage containing 5,000 daily futuristic images he created every day from May 1, 2007, through Jan. 7, 2021.
NFT or Non-Fungible Token is a token that cannot be duplicated and it uses blockchain technology to verify its ownership and it’s built on top of the same secure network of Bitcoin.
However, it can be more than just a non-interchangeable baseball card and it can only contain value if you can find a niche or audience that could also believe in its value.
The whole NFT experience is different from what art galleries do, aside from the fact that it runs on purely digital platforms. As an example, Jack Dorsey, Elon Musk, and Mark Cuban also sold their NFTs for millions of dollars just a few months ago.
This begs the question, are NFT arts in a bubble?
The power of NFTs is that it gives artists a whole new way to make money off their personal brands, which in a way, strengthens the loyalty in between.
