The trend for unique blockchain tokens in the field of art is gaining more and more momentum. On the eve of the representative of the Linkin Park group, Mike Shinoda, announced the sale of his first work of digital art.
A collectible item called One Hundred Th Stream appeared on the auction platform Zora. The latest bid for the purchase of an item at the time of writing is 6.66 WETH – or approximately $ 11,655 at the current exchange rate. That is, the topic is in demand, and investors are ready to pay a lot of money for their acquisition. We tell you about the situation in more detail.
To begin with, let’s recall the principle of using blockchain in the art world. The blockchain – that is, a chain of blocks with data-is immutable, that is, after entering information there, it remains in it forever. In addition, anyone can study the contents of any address, that is, roughly speaking, look into someone’s wallet, even if the identity of the owner is unknown.
The combination of these factors helps the niche of art. The creators of various works associate their creations with unique NFT tokens – like ETH, DOT or TRB ethers-only which exist in limited quantities.
Since the contents of blockchain wallets are visible to other people, this makes it easy to confirm that you own a certain work. And the ownership is indisputable. If the user has a certain NFT token, then there can be no questions about the ownership right.
Now the popularity of using NFT tokens is growing. More and more celebrities are joining the movement and creating unique things. Well, investors are happy to invest money in unique things, including reselling them.
Digital art on the blockchain
It seems that this is just the first collectible digital item from Shinoda, since he promised on Twitter that he would «release a lot more new things». The artist also noted that thanks to the idea of unique NFT tokens, the efforts of creative people can be appreciated by the market.
A little later, Mike published a message in which he shared his attitude to the prospects of this topic. The replica is given by Decrypt.
This should be very interesting for those who are engaged in non-traditional art, or people who have been told that their art is not art at all. Maybe. The community will decide.
That is, the artist believes that this niche is in its infancy, which means that the world has yet to find out whether it is really suitable for people. We believe that the use of blockchain in the art industry is justified and convenient. As we have already noted, the block chain is characterized by transparency, which will allow anyone to verify the authenticity of the work and make sure that a certain person owns it. Since there are enough cases of fakes in art, the introduction of blockchain seriously changes the rules of the game.
In addition, its digitalization will allow you to offer your work to more artists and other creators. This means that the industry will only benefit from this.
Auctions of unique digital goods, paintings and other items have been heard by everyone in the cryptocurrency community for several months in a row. The last vivid example of such auctions was the sale of digital art items from the animator Justin Roiland, who worked on the famous animated series «Rick and Morty». The sale transaction was estimated at $ 150,000 at the Ethereum exchange rate at that time. Now it costs much more.
Another case is the huge number of deals on digital basketball cards, which this weekend went like «hot cakes» among buyers. We are talking about the digital items of the NBA Top Shot NFT, 2673 sets of which were sold this Saturday in just 30 minutes after the start of trading, according to a source.
The excitement around the auction was so great that only a part of the 25 thousand buyers in the virtual queue was able to get their NFT tokens. Michael Batnik, a representative of Ritholtz Wealth Management, shared his experience of participating in the auction. Here is his quote.
The demand for NBA Top Shot is insane. They sold 2,673 sets for $ 999 in less than thirty minutes. I tried to get the goods, but there were 19 thousand people ahead of me in the queue.
The Dapper Labs team behind the popular CryptoKitties game launched a public open beta version of NBA Top Shot last fall after several months of closed testing. Several NBA players have joined a $ 12 million investment round for Dapper Labs, which has created its own blockchain for NFT called Flow.
We believe that the popularity of NFT tokens and digital art in general will only grow this year. And this once again proves the unlimited use of blockchain, which is really capable of changing the world. Apparently, the number of stars in this industry will continue to increase further.