The crypto sector has experienced a variety of things in 2020, good as well as bad. And Bitcoin's bull run and the DeFi craze in summer became the debated topics in the community. In addition, a quiet revolution was occurring in another corner of crypto: the world of non-fungible tokens (NFTs).
NFTs have been existed for a few years now, giving impetus to crypto collectibles such as CryptoKitties. However, they're little more than a proof of concept for the unique along with non-replicable crypto tokens. This summer saw NFTs came of age after the boom of DeFi, and kept taking the art worlds by storm.
All NFT roads result in crypto art in the end. This is exactly where crypto's innovative and rebellious streak comes into its own. Many artists have gathered to step into NFTs sector so as to make use of their offering of true digital ownership, indicating that people boast reason to pay money for digital art eventually.
According to the data from nonfungible.com - a metrics site that tracks the NFT sector, under these circumstances of the DeFi boom and later Bitcoin's bull run, crypto art gained more popularity than ever before in the latter half of the year.
October saw the artist Ben Gentilli sold an NFT-linked artwork for $131,250 at Sotheby's - an influential art auction. The art Block 21 depicted a "digital portrait" of Bitcoin creator Satoshi Nakamoto. The circular panel - one of 40 - covers hundreds of thousands of digits that make up Bitcoin's original code. It uses an NFT to be connected to the panel, showing the coordinates for the piece. The artwork is now displayed in New York.
Besides, José Delbo - an 87-year-old Argentinian comic book artist - joined the NFT fray this year and partnered with Canadian crypto artist Trevor Jones to sell one of his pieces for $111,377 in ETH.
Beeple - the pseudonym of Mike Winkelman, a famous digital artist who's created a music video for Flying Lotus and concert visuals for Nicki Minaj, Justin Bieber and others - also engaged in this sector. Prior to the US election, he sold an NFT that bore an animation of Donald Trump and Joe Biden in utero for $66,666.60.
December witnessed one of Beeple's work was sold on Nifty Gateway, Gemini-backed art marketplace, racking up an incredible $582,000 within five minutes. A few days later, one investor made a last-second bid of $777,777 for a Beeple artwork. In the end, the auction totaled over $3.5 million in sales.
The auction recorded a new record following the most-valuable artwork auctioned on Nifty Gateway by 1,300%. August saw Trevor Jones' NFT "Picasso's Bull" sold to Pablo Rodriguez-Fraile of the Museum of Crypto Art for $55,555.55.
According to previous reports, Micah Johnson - former Major League Baseball player turned NFT artist - would exhibit a piece of interactive on a giant electronic billboard in Los Angeles, hoping to fulfill their aspirations to be astronauts. Also, THETA.tv - a decentralized streaming platform - is to launch native non-fungible tokens (NFTs) for content creators minting and sharing with their fans.
According to the current blockchain industry, NFT is still a very niche thing. However, it boasts great potentials in artwork in that it may have real collection value. In the near future, NFT will gain more popularity than this summer's craze.