Hey, Gambullish! Let’s talk about something exciting happening in the art world: NFTs, or Non-Fungible Tokens. They’re changing how we think about and collect digital art.
As you know, many industries worry about widely using blockchain technology. Out of all the ways blockchain is used, NFTs and cryptocurrencies are the most well-known. However, they’ve also faced a lot of bad attention and government oversight.
So, what’s happening in NFT Art? Well, we’ll explore what NFT art is all about, its history, cool pieces, how to collect them, and what the future holds.
NFT Art History
To quickly explain NFTs, they’re special digital tokens that are unique and stored on the blockchain. Unlike Bitcoin, which is the same no matter what, each NFT is one-of-a-kind.
NFTs can be used in many ways, representing digital stuff like music, game items, virtual land, trading cards, and sports gifs.
Right now, NFTs are getting a lot of attention because of digital art, but when they started out, they weren’t mainly about that.
First NFT: Colored coins
The first NFTs were not like the popular ones you see today. Instead, they were parts of Bitcoins called Colored Coins. People used them to show they owned different things like gold, government bonds, cars, digital items, access to online places, and other cryptocurrencies.
Colored Coins had many uses, and even though they had problems, they showed the way for NFTs to become popular.
The New Phase of NFTs
Colored Coins started as a type of currency with many uses. But as time passed, it became clear that NFTs (Non-Fungible Tokens) weren’t just a passing trend. They were becoming a big deal in the digital world, set to grow even more.
In 2014, some developers named Robert Dermody, Adam Krellenstein, and Evan Wagner introduced Counterparty. This was like a new step in the world of crypto and NFTs.
Counterparty works with Bitcoin to do more things than just regular transactions. Even though this might sound complicated, basically, it lets people create and trade stuff using a system that’s not controlled by any single person or organization.
Counterparty quickly became popular among those interested in crypto, who used it to create and trade digital assets. Some notable events from Counterparty’s history include the launch of Spells of Genesis in 2015, Force of Will selling trading cards in 2016, and the rise of blockchain memes like Rare Pepes.
These events were important for NFTs, but the real breakthrough came later with generative art. Overall, Counterparty played a big role in bringing art into the world of NFTs.
NFT Marketplaces
NFT markets are becoming more popular. One big reason for this is the places where people can make, sell, trade, and buy their digital stuff. These marketplaces are super important. Without them, NFTs might not be as popular.
Opensea.io is a big player in this. There are many websites for NFTs, but OpenSea is one of the most important.
OpenSea started in 2017. Two people, Devin Finzer and Alex Atallah, got interested in CryptoKitties and decided to make a marketplace for NFTs. They called it OpenSea.
OpenSea is getting even bigger. Even though some people worry that the NFT market might crash, lots of folks are still going to OpenSea. They hope to find the next big thing, like CryptoPunks or CryptoKitties.
New in the game? Read this: Top 10 Best Ethereum Wallets for Online Gambling
Notable Pieces in the NFT Art World
Some NFT art pieces have become big news. One standout is “Everydays: The First 5000 Days” by Beeple, which sold for a jaw-dropping $69 million! Other artists like Pak, XCOPY, and Hackatao have also made waves with their creations. Let’s break down more about these.
Beeple, Everydays: The First 5000 Days
Beeple’s artwork, called “Everydays: The First 5000 Days,” was sold as an NFT for a record-breaking $69.3 million. BitAccess founder Vignesh Sundaresan outbid Justin Sun by $250,000 at the last moment.
This sale not only set a new record for the highest-priced NFT ever but also got a lot of attention in the media, making “NFT” a familiar term in households worldwide. Before Christie’s auctioned Beeple’s artwork online, NFTs were considered a niche interest. But after this sale, even mainstream shows like Saturday Night Live acknowledged the growing importance of NFTs.
Julian Assange and Pak, Clock
In February 2022, Julian Assange and Pak’s Clock was sold for a lot of money, making it the second most expensive NFT ever. This NFT shows a timer that counts the days Assange has been in prison. It was part of a collection called Censored, curated by Pak and Assange, which also included other artworks.
Pak is an artist who doesn’t reveal their identity and has become very successful. They posted on Twitter after the auction, saying the sale was a team effort without any middlemen, and it was meant to support the people. The buyer of the piece was AssangeDAO, a group dedicated to advocating for Julian Assange’s freedom.
CryptoPunk #5822
The priciest CryptoPunk ever sold is punk #5822. It’s a punk with an alien look wearing a blue bandana. It was bought for $23 million on February 12, 2022. This is more than twice the price of the next most expensive punk. The buyer is Deepak Thapliyal, the CEO of Chain. He shared a picture of his punk on Twitter after buying it.
This punk almost became the highest-selling NFT at the time, missing that title by just a few million dollars. There are only nine alien-style punks in the collection, making them highly sought after and valuable.
NFT Art Collecting Guide
If you’re interested in collecting NFT art, it’s important to do some research. Look into artists and platforms to understand their reputation and the quality of their work. Consider things like how rare a piece is, the artist’s reputation, and whether you can resell it later. Make sure you understand the ownership terms too. If you’re still unaware of these things, you can always consider these:
- Learn: First, it’s important to understand what NFTs are and how blockchain works. You should also know about the legal and money parts of owning NFTs. You can find lots of information online.
- Get a Wallet and Exchange: To buy and store NFTs, you need a digital wallet. Some popular choices are MetaMask, Trust Wallet, and Coinbase Wallet. You also need to pick a place where you’ll buy your NFTs. OpenSea, Rarible, and Foundation are some of the big ones.
- Get Cryptocurrency: Most NFT deals use Ether (ETH), a type of digital money on the Ethereum network. You’ll have to get some ETH from a cryptocurrency place and put it in your digital wallet.
- Pick Your Art: This is the fun part! You get to choose the digital art you want to collect. Take your time and look at different artists and styles. Think about how the art looks, what people say about the artist, and if the art might go up in value.
- Buy Your NFT: Once you’ve picked your art, it’s time to buy it. Every platform is a bit different, but usually, you’ll connect your digital wallet, place a bid, or buy it at a set price, and then make sure the deal goes through.
- Organize Your Collection: After you buy an NFT, it’s important to keep track of what you own, how much it’s worth, and what’s happening in the market. Some people also like to show off their NFTs in online galleries. You can stash your collections at Gambulls.io for a secure and reliable marketplace.
The Future of NFT Arts
NFT art is becoming really popular worldwide, and it’s changing things for artists. In the future, NFTs will give artists more power. With NFT art, artists can get paid differently and do new projects in a better way. They can also own their art more.
NFTs are special tokens that artists use to show their work on the internet. These tokens make the art unique.
NFTs can help spread wealth more evenly and let more people earn money. If you’ve ever wanted to make a video game, film, or start an art school, NFTs could help you do that.
Bilali Mack, who is a talented VFX artist, says that NFTs are helping artists take control of their success. Mack studied animation and media at Emerson College and is making a name for himself in the visual effects and animation world.
The Takeaways
NFT art is shaking up the art world, making art more accessible and empowering for artists. Whether you’re an artist, collector, or just curious, there’s a lot to be excited about. As we move forward, NFT art is sure to keep surprising us with new ideas and possibilities. So, get ready for the ride!
On a closing note, cryptocurrencies are highly volatile assets with price and market movements that can fluctuate greatly depending on many factors. Be sure to assess your risk levels and do your own research on the crypto coins you decide to use before proceeding.
Get started with our NFTs marketplace Gambulls.io to gain your own NFT collectibles.
