The latest in NFT artwork sales, British artist Adrian Chesterman worked to surpass its expected selling price of $160,000 and could reach over $270,000.
The British artist's work will be sold as a high-resolution file and offers his take on the parallel between traditional money and cryptocurrencies. A unique artwork that has clearly caught the attention of many potential buyers, as the price continues to soar.
During the pandemic, the art world suffered greatly. From theatre actors to painters, it was a very dark time for the industry as a whole. In stepped NFTs. The ability for artists to access potential customers through digital artworks was a revelation and one that hasn’t stopped.
NFTs skyrocketed in popularity at the start of the year, but have since plateaued somewhat. This isn’t to say there is a lack of interest outright. One of the most wealthy artists in the world Damien Hirst is currently showcasing his latest artwork “The Currency” online, auctioneering thousands of artworks at $2,000 apiece.
What’s the potential of NFTs?
Many crypto trading platforms are now offering customers the opportunity to buy and sell NFTs, as the market continues to evolve and expand. An exciting new idea in the NFT market explores the option of web3 ticketing.
NFTs function as digital collectibles encoded onto a blockchain—often using the Ethereum blockchain—showing digital rights to the specific token. NFTs are gaining traction in the fintech world and companies are developing ways to integrate the value of NFTs into mainstream markets.
Companies are recognizing the global trend of NFTs as an investment. The art industry has brought a lot of media attention to the industry, but its reach is much further than that—the most interesting work is being done under the radar, as we’re still in the early adoption stage.
One of the main criticisms of the NFT market is the fact the creator of an NFT doesn’t have to prove ownership of the original work. This kind of invalidates the potential for NFTs in the eyes of many skeptics, as the many artists and creators of the content going into NFTs are opening cases to copyright violations.
For the most part, the emerging NFT market resembles the early-stage offerings of cryptocurrency. They stand as an investment fad that doesn’t look to have any value in the real world. But, with the cryptocurrency market valued somewhere in the trillions, the skeptics are likely to be proven wrong.