Before the advent of smartphones, the average person on the street allowed taking selfies with their favorite celebrities, and autographs and memorabilia were in great demand among collectors. Of course, the value of these true, real, and rare memories is high and remains so to this day.
However, through the use of blockchain technology, digital collectibles have become a modern signature or unique, invaluable piece of art. People don’t have to look further than the $ 69 million auctioned for the Every Day Prize: The First 5000 Days, a digital collage created by digital artist Mike Winkleman, better known as Beeple.
The digital art auction, of nearly 5,000 digital art pieces created by Winkelmann, is the most expensive NFT ever made by renowned auction house Christie’s. In the quick hit of the auctioneer’s glossary, the art of cryptography not only rocked the world of digital collectibles, it instantly brought NFT into the mainstream.
The art world isn’t the only industry enjoying the fruits of NFT’s popularity. Numerous icons, brands, and sports teams have jumped into the fray with collectible cards and digital memories that have also raised millions of dollars in bidding from NFT collectors who love the sport.
NFL veteran Rob Gronkowski has set a benchmark for the sport in the NFT space after his recent auction of a limited edition collectible card series commemorating his four successful NFT campaigns. Each successful NFT title was represented by the NFT Trading Card, consisting of 87 digital copies, and the unique Fifth Professional Profiles Deficient Card was created as a recognition of four successful campaigns.
Gronk managed to auction a total of 349 collectible cards, plus a one-time Career Highlight card for 95 different owners. Auction had a total turnover of 1,014 Ethers (ETH) worth $ 1.8 million, and a one-off NFT Career Highlight sold for 229 ETH for about $ 435,000.
Digitally signed Tweets have also become as valuable as NFTs. Twitter CEO and co-founder Jack Dorsey sold a token copy of his first tweet and the platform’s first tweet for $ 2.9 million. Proceeds from the sale were donated to an African charity that supports efforts across the continent to combat the ongoing COVID-19 pandemic.
Meanwhile, it remains controversial whether all of the artwork on display is of value to the industry, with some commentators, even outside the mainstream crypto community, for example, starting to question prices for NFT artwork, such as the only Red Pixel listed for sale. At a price of $ 900,000.
Non-exchangeable tokens took over the cryptocurrency space in 2021 as various forms of digital collectibles attracted multi-million dollar price tags. But is there a better use of the growing space than just selling NFT as art?
– Marquis Brownlee (MKBHD) March 25, 2021
As these astronomical values for various NFTs continue to dazzle viewers, the question is whether the prices paid for digital collectibles create a buzz that eliminates other potentially beneficial uses of the NFT space.
Vitalik Buterin hopes to support NFTs for blockchain ecosystems
Ethereum co-founder Vitalik Buterin, may have entered into the discussion of NFT through a blog post on his website, in which he expressed the hope that NFTs would be used more to fund or support efforts and organizations working for the benefit of the community.
Ethereum co-founder handled the relatively low percentage of funding it actually receives in the key elements of the various blockchain infrastructures in its ecosystems. Using Ethereum as a good example, Buterin stood in stark contrast between the nearly $ 37 million spent during the day. Of course, the value of these true, authentic, and rare memories is high and remains so to this day.
However, through the use of blockchain technology, digital collectibles have become a modern signature or unique, invaluable piece of art. People don’t have to look further than the $ 69 million auctioned for the Every Day Prize: The First 5000 Days, a digital collage created by digital artist Mike Winkelmann, better known as Beeple.
The digital art auction, with nearly 5,000 digital artworks created by Winkelmann, is the most expensive NFT ever.