The recent boom in non-fungible tokens (NFTs) has changed the art industry. This has driven the market to millions of people who now consider a digital work of art a collector’s item.
The astronomical prices paid for many high-profile, blockchain-certified works of art have made them a constant topic of conversation.
We’ve seen it all, from projects like Bored Ape Yacht Club to demonstrative gestures like cans of castiles based on the diet of famous artists. So, what is it that makes NFT artists successful outside the art gallery structure? And how did some of these collections reach celebrity status?
let’s take a look Bored Ape Yacht Club, Several celebrities, including talk show host Jimmy Fallon, tennis star Serena Williams and pop star Justin Bieber, bought an NFT from Bored Ape Yacht Club, or BAYC, in 2021.
The designers of the BAYC concept came up with the notion of wealthy apes living in a swampy clubhouse, engaged freelance artists to design the apes, and launched the NFT project. There are 10,000 original Bored Apk NFTs available, each with a unique combination of traits such as fur color, background color, clothing and accessories.
However, what gives bored apes their inherent value is the blockchain technology on which they are built. Apes are NFTs, meaning that each ape is a unique item with the same owner. The owner of each ape is recorded on the blockchain, where everyone can see who owns a particular NFT.
Every time an NFT is bought, sold or transferred, a new entry is added to the blockchain, updating the ownership details. Thanks to NFT technology, eye-catching art, and some hype, the prices of board apps have shot up in the six digits.
Another NFT of work by Mike Winkelman, the digital artist known as Beeple, sold at Christie’s auction in March 2021. NFT, titled “Every day: first 5000 days“, sold for $69 million. Beeple’s fan base, with over 2.5 million followers on social media channels, is one of the things that made her work so fascinating.
When these elements were combined with the popularity of NFTs, the value of his work skyrocketed.
In February 2021, Jaden Stipe, a teenager from Tacoma, Washington, created his first piece of digital art at this time. it was a moving image of a waving astronaut-skeleton hybrid, Jaden is now a full blown NFT artist.
He created eight single NFTs of his work and sold his first edition in October 2021, when he made a new NFT artwork accessible in a limited-edition format to 367 collectors. The limited edition sold out immediately, bringing in approximately $350,000 in sales.
Next is Cam Rackum, 42, a California-based artist who sold his NFTs for $7,38,593.97 in 32 minutes. Rackum suffered when the COVID-19 pandemic hit the cast badly.
Hence, he shifted to digital art. They started making NFTs and approached the Instagram meme page for collaboration on NFT collections. They agreed, and Rackum drew thousands of forms of Wall Street-themed cartoon bulls.
The entire collection of 10,000 NFTs sold out in 32 minutes after its launch on October 27, 2021, with Rackum earning $738,593.97.
Here is one of his artwork:
Artists have found success in the digital market by creating NFTs of their artworks. NFTs are different in that they are one-of-a-kind, indivisible, transferable and unique.
To create an NFT, you have to block it or convert it into a digital asset on the blockchain, which you can do on NFT exchanges such as OpenC, Nifty Gateway and Rarible.