Last year an NFT artwork was put for auction and it sold for $69.3 Million. It sounds weird that a person buys just a link to a JPEG file and for that link, he paid such a huge amount. Beeple’s NFT artwork is not only a unique case. Many NFT artworks are sold for millions of dollars.
XCOPY created a GIF named Right-click and Save As guy. He sold it for $7,088,229. Beeple, about him we already have disused in above. He has created another NFT with the tile of Crossroad. It was the second-highest-paid GIF-based NFT artwork which was sold for $6,600,000. CryptoPunk NFT artwork creator earned $6,630,000.
The list of high-paid NFTs is very long. People are getting involved in the NFT race crazily. You can imagine the craze of NFT art with this google news. According to google trend, in the week ending after Christmas, globally NFT surpass the crypto.
There are many reasons why NFT is getting too much trend among the masses. The first reason is that celebrities are jumping in the NFT space. It’s obvious that what’s celebrities adopt, fans follow them. Steve Aoki, Melania Trump, Snoop Dog, Grimes, and Mila Kunis are promoting their NFT collection.
Big brands are shifting toward the NFT space. NIKE and Addidas have entered their brand in the realm of metaverse NFT. The third main reason for the popularity is the games. Sorare and Axie Infinity are providing the opportunity to the player to about the crypto and NFT. other than hustle, these players have an opportunity to win a small reward.
What is an NFT art
NFT stands for Non-Fungible Token. In simple words a piece of anything that is unique and has a unique owner. Like the Mona Lisa painting or the first edition of Harry Poter’s novel, first-ever tweet, or an angry cricket fan who was posing with a very unique style. I mean anything else unique and digitally converted. It is created and put all of the information about it on a blockchain with smart contracts. Anyone can approach to see the art that you own. But they just can see.
Why do people create NFT art?
It is very much hectic to have a physical public display. It is very much expensive as well unsafe in sense of an epidemic such as COVID-19 or present-day Omicron variant. In such a public display, only specific people come and see. Some specific artists can win the heart of the audience with their display and many artists with unique qualities lag behind such competition.
This NFT art has created an opportunity for such artist to display their artwork digitally. They can earn their livings from it. Often, in smart contracts, these artists write that they will get some fixed percentage of this artwork If the next owner buys it from another. This is a smart technique that will remove all of the third parties from your earnings.
Why do people purchase NFT artwork?
Why would people buy NFT art or a link to a JPEG file? Other than that these NFTs enable them to approach specific plots in web 3.0 and metaverse. Three main reasons behind this NFT craze.
This is one of the major reasons why people are getting too much crazy about the NFT work. They participate in the auction, pay the gas fee and buy the work, for the reason this jpeg link when resell, will make more money. Consider it just like one person who bought domains in the early days of the internet. Now he has the opportunity to sell that domain at a higher price.
People who love art are always present and they buy such a unique art at every time in history. Like a Mona Lisa painting, a steel-made rabbit, or anything like that.
The people who have side money, are always thinking about spending it in such a way that this gives them fame in their society. Just to say or show the people that they are owners of a unique thing. They always try to collect unique things.
That’s all about why would people buy NFT art