If you know this, you can retire earlier!
NFT Digital Art—New Trend in the Future Art Market
When Bitcoin was first launched in 2009, I believe that a large number of people looked at it with contempt. Everyone wonders how long the vitality of this new thing can last? Even some professional financial analysts criticized Bitcoin in public. But who would have thought that today, 12 years later, Bitcoin not only has not disappeared, but its value has risen like a rocket, surpassing US$60,000 each. And other virtual currencies that imitated Bitcoin have also sprung up, countless. Now with the continuous promotion and maturity of blockchain technology, more and more new things are appearing around it. In the art market, such a new category has also appeared, and everyone is used to calling it digital art.
The emergence of digital art has completely subverted our usual perception of ordinary art. It is not something we can reach, but a set of codes. This set of codes was created by a digital artist. After a market transaction, the digital artist will pass this set of codes to the buyer for the buyer to keep. The advantage of this artwork is that it gives the artwork its complete provenance through blockchain technology. Since the emergence of this new art category, a considerable number of creators have emerged. This market is also constantly growing, and has formed a certain scale.
For example, in the just-finished online auction at Christie’s in New York on March 11, 2021, digital artist Mike Winkelman from South Carolina, USA, created “Every Day: First 5000 Days” and achieved impressive results, the hammer price is around US$60 million and the final price including hammer is US$69,346,250.00 dollars.
The story started on May 1, 2007. This artist is now recognized as a world-renowned blockchain digital artist named Beeple. He spent 13 and a half years on creating and uploading the digit art each day. As of February 16, 2021, Beeple has combined such a batch of 5,000 independently created digital works into a giant digital collage, and put it on the Christie’s website for auction, with a starting price of US$100. A total of buyers from 7 countries participated in the bidding. After multiple rounds of bidding, it finally created a digital art milestone and greatly broke the auction record of NFT digital art. This auction also created two records in the history of world art. The first is that Christie's is the first auction company to provide irreplaceable digital art and to ensure its authenticity. The second is the first acceptance of cryptocurrency payments. (For example, this sale accept payment in Ether).
I believe that through this auction, more and more artists will participate in digital art creation in the future, and at the same time, the market scale will be further improved. Blockchain technology will be more and more accepted and respected by people. Maybe Bitcoin breaks through US$100,000.00 is no longer a fantasy.
Every time when a new thing appears, there will always be a voice of doubt. However, I think that we should have a tolerant heart to all new things. Now that digital art is in its infancy, I believe that we should firmly seize the opportunity. Maybe we have already missed Bitcoin, but this time we must not miss digital art again.