This year, NFTs revolutionized the world of art and music. The new technology caught the attention of dozens of musicians and artists, who through the sale of their tracks, digital art or virtual and real-world merchandise packages have added considerable profits.
At a basic level, an NFT, or non-fungible token (translated into Spanish), it’s just a file type. But unlike an image or a traditional PDF, NFTs are “created” in the blockchain, a tamper-resistant, decentralized digital public ledger that also supports cryptocurrencies, such as bitcoin, ethereum and dogecoin.
Each NFT is unique, with a snippet of code that proves its authenticity, making it easy to put a value on digital products. With incursions from well-known personalities and institutions, the NFTs gained great relevance.
For example, the NBA has its platform NBA Top Shot, where collectible digital stamps of the best plays of the American championship are sold, collection that has raised more than $ 589 million.
In the realm of music is the musical group Kings of Leon, which made $ 2 million from NFT sales on an album; and the singer Grimes, who sold around $ 6 million worth of digital artwork, which included video pieces with original music.
How much is the NFT market worth?
Chainalysis, a company that analyzes technology blockchain, released a detailed report of the NFT market where it indicates that users have sent at least $ 26.9 billion in cryptocurrencies in smart contracts of ethereum, the cryptocurrency associated with most of NFT’s markets and collections.
One of the situations that popularized this way of acquiring digital goods occurred in March 2021, a sale that is still the highest amount for a cryptographic work: $ 69 million.
NFT and Beeple: The Extraordinary $ 69 Million Auction of a Artwork That Doesn’t Exist in Real Life
This extraordinary amount was paid at an auction organized by Christie’s for the work. Everydays: the first 5000 daysby digital artist Beeple. This collage in JPG format is made up of 5,000 images, each one of them created daily over thirteen and a half years by the artist.
As reported by the magazine VarietyAs of April 2021, the musicians had made $ 70.5 million in sales from NFT.
New raids
In recent months it has been known that various artists have joined this trend. For example, in September 2021, Shakira launched her own NFT collection, featuring futuristic images of herself and her partner, Gerard Piqué, as well as four original pieces of audio.
Also, this week will be auctioned on the One Of platform an unreleased demo of Whitney Houston that he recorded at age 17, before the meteoric takeoff of his musical career.
On the other hand, on the cinema side, the renowned director Quentin Tarantino announced at the beginning of November that he will auction unpublished scenes from his film on the NFT market Pulp Fiction, along with exclusive commentary and original handwritten scripts for the film starring Uma Thurman and John Travolta.
The new movie in the Matrix saga, The Matrix Resurrections, also released its own NFTs. 100,000 tokens were put up for sale since November 30, at a price of $ 50 each. This movie will be released on December 15th. (I)
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
