NFT Art Rises in Popularity

With some famous celebrities creating their own NFTs and putting them up for auction, interest in them has skyrocketed. On the top is Snoop Dogg, who has released “A Journey With The Dogg” last April, which is his first NFT collection. His NFT art entitled “Death Row,” was auctioned off for more than $100,000.

The famous rapper has announced just last week that he is working with Def Jam co-founder Russell Simmons for the project “Masterminds of Hip Hop: An Exclusive NFT Collection,” which is for the benefit of the less fortunate founding artists of hip-hop who made the genre what it is today but did not profit from it.

Power couple Mila Kunis and Ashton Kutcher have also launched Stoner Cats, an animated show that has become the first-ever TV show funded by NFTs. In fact, the Stoner Cats NFT art collection has sold out for a total of $8.4 million, despite high fees and failed transactions on the Ethereum (ETH) network—which is not something surprising as everyone knows ETH cannot scale and continues to build ineffective second- and third-layer solutions to compensate for its unscalable blockchain.

These are just a couple of examples of big-name people getting the concept of NFT art out there and contributing greatly to its popularity. But now, the more important question is do people know what it actually is?

NFT stands for non-fungible tokens, and they are blockchain-based digital representations of physical and digital assets. Because NFTs exist on the blockchain, ownership, provenance and authenticity are easily verifiable—providing security for buyers and collectors. In addition, each NFT is unique and irreplaceable, meaning there are no duplicates that exist and it cannot be replicated. It is also indivisible and cannot be broken down or divided into parts.

“So, you know, we’ve seen NFTs that have come out where and I agree there’s tons of different ways to define these things. It almost feels like the media and the general industry is trying to pull them in and call them digital collectibles or call them collectibles on the blockchain and so on and so forth,” Fabriik CEO Roy Bernhard pointed out during a panel discussion NFTs at the most recent CoinGeek Conference held in Zurich, Switzerland.

It is with this reputation of NFTs as expensive digital collectibles that has made it the talk of the town. News that an artist with the moniker “Beeple” has sold his digital art entitled “Everydays” for $69 million has made people think of NFT art as a status symbol—something unique, highly collectible and extremely expensive.

“NFT Art gives anyone a stake in something that they feel is significant and culturally relevant. Valuable Art is something the 1% has had a monopoly on. NFT art allows the 99% to become involved,” Fabriik CTO Kevin Godfrey said.

With the pandemic cutting down the budget of many collectors, artwork has gone down the list of priorities to buy, leaving many artists out of jobs. For these artists, NFT art is a new avenue that can empower them and help them gain more visibility. Whether NFT art is viewed as a collectible or a status symbol, the fact remains that its rising popularity is beneficial to both collectors and artists.

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