09 Mar NFT’s and the Emergence of One-of-a-Kind Art
In recent trends, the use of online cryptocurrency has become more popular when it comes to trading online and the value they possess is on the rise in today’s global market. So what is an NFT? An NFT, or non-fungible token, is a piece of digital content that is unique, and is purchased using a form of cryptocurrency in the online marketplace. Oftentimes, it is a piece of art created by a digital designer or something made by a content creator that they then sell for Bitcoin or other forms of cryptocurrency through specific sites.
According to Forbes and TechCrunch, NFTs first appeared back in 2017 and the market was worth around $42 million, however, had risen to near $338 million by the end of 2020. The emergence of NFTs is allowing artists and digital designers to monetize and produce their content in a place other than an art studio. With COVID-19 causing a push to online sales during 2020, it also caused a strong push for the growth of NFTs and the production of one of a kind digital art. Since the emergence of NFTs, certain sites such as Nifty Gateway and SuperRare have been leaders in providing designers a sort of digital studio to sell their work for a cryptocurrency. As of February 25th, 2021, the largest sale for a piece of digital art was worth $6.6 million in Ethereum cryptocurrency, the second largest cryptocurrency following Bitcoin. Recently we also saw a push in the stock market for other cryptocurrencies such as Dogecoin and Cardano, which can also be used to purchase NFTs.
So what does the emergence of NFTs mean for the future? As the world becomes more and more digitally powered, cryptocurrency and the selling of one of a kind digital art is becoming more and more popular. With the generation that is growing up in the digital age, the popularity and wide array of types of NFT’s will continue to grow and expand. Here at ACCL, we like to keep up with all sorts of trends in a variety of topics. To see more blogs about other trends, visit our Latest News section on our website.
Blog By: Zach Ramsey (Intern 2021)