The digital art market cap is going to be bigger than the traditional art industry. Mark my words. pic.twitter.com/Unb75gzrby
— Pomp (@APompliano) December 7, 2020
The auction was held on Nifty Gateway, a blockchain-based digital art platform owned by cryptocurrency exchange Gemini. The platform allows various artists to submit their collections and pieces as “nifties” (a playful derivative from “NFT”). These are unique blockchain tokens that are each “one of a kind.”
According to Nifty Gateway, this was the first time it sold an artwork commissioned by a third party—in this case, by Morgan Creek Digital co-founders Anthony Pompliano and Jason Williams.
“We’re incredibly excited for the collaboration between one of the top artists in the crypto space and 2 of the largest crypto influencers in the world. It will be NG’s first ever commissioned piece up for auction!” said the description.
The main idea for the auction was “to do something to help out NYC” during the coronavirus pandemic. Thus, a portion of the proceeds will be donated to the Food Bank for New York City, an independent nonprofit organization providing free meals to the residents.
In early November, Fewocious sold an artwork titled “Moment i Fell in Love” for $25,000, also on Nifty Gateway.
“Moment i Fell in Love”
SOLD for $25,000
1/1 sold to @etyoung
— FEWOCiOUS (@fewocious) November 6, 2020
Another auction is scheduled for later today on SuperRare, another tokenized digital art marketplace. Combining traditional art and 3D elements, the artwork is titled “Does Anybody Ever Wonder How I’m Doing?”
“The isolation of caring when no one else cares. running trying to find someone to hug you, but you are left with no results!” the author explained.
The isolation of caring when no one else cares. running trying to find someone to hug you, but you are left w no results!
Drop: Monday @ 1pm ET pic.twitter.com/6utP1NyZL7
— Coldie (@Coldie) December 7, 2020
As Decrypt reported, demand for NFTs that represent unique digitized items is on the rise lately—as well as their prices. Just recently, a part of a virtual F1 race track was sold for $223,000. Likewise, a rare Batman NFT art raised over $200,000 in mid-October.
Clearly, the future is digital.
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