NFTs are racking up over $500 million in monthly volume, as new organizations and companies prepare to expose the world to the potential of tokenized digital art in NFTs.
The boom for the non-fungible tokens o NFT It is just beginning, as stated by several experts and analysts who are seeing these spaces grow in adoption and value in an unparalleled and unprecedented way in the industry. The emergence of crypto art represents a transcendental change in the way art is seen in the world. Artists and creators now have a much simpler and more accessible way of making their works and content known to the world; and also of monetizing it.
The huge popularity of NFTs is currently attracting all kinds of artists and companies, who want to be part of this global event. Recently, the Russian State Hermitage Museum and the collective of artists Superchief in New York, announced their preparations to expose the potential of NFTs to the entire world.
On its website, the Hermitage he pointed that this 2021 it will present an exhibition of works of art in NFT. Although it did not specify the date on which this exhibition will be held, the museum assured that it is studying this innovation, which helps artists and creators to secure their rights to a work of art, using technology blockchain. For his part, Superchief already Opened the doors of its first physical digital art exhibition gallery in New York State, in the lively Union Square neighborhood.
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Physical gallery for art on blockchain
Artworks represented in NFT tokens within the blockchain are on display at Superchief's physical digital art exhibition, called «Season One Starter Pack», for the first time in New York. As indicated by the group of artists, the exhibition opened on March 25 and will close until May 25, giving collectors, visitors, and other participants two months to enjoy digital art in all its splendor.
The NFTs of the works will be reproduced through high-resolution screens, which will showcase the talent and inspiration of 300 artists. The digital art pieces will be up for auction, some with unique and exclusive pieces, and others with limited editions, which collectors and interested parties will be able to acquire using cryptocurrencies, and other means of payment.
Edward Zipco, founder and director of Superchief, noted that since this is a movement that seeks to boost the adoption of digital art in NFTs, the presence of 300 artists is more than necessary for the movement to be successful. Zipco stated that “There needs to be many voices and visions included in the discourse and outreach”The founder of the artist collective also stated that the goal of Superchief is to make everyone understand that “digital art is also art,” even if it doesn’t look like a traditional art gallery, with hanging canvases or sculptures.
Digital art has caught the attention of almost everyone in the world, from artists, musicians and celebrities, to traditional auction houses, television networks, restaurants, sports teams, game companies and much more. Also, the UCCA Center for Contemporary Art, located in Beijing, celebrated the world's first major NFT art exhibition, featuring artists including Beeple, Fewocious, and Mad Dog Jones.
More than $500 million a month
The popularity that NFTs are currently gaining can be measured based on the large volume of money that these tokens move each month within the platforms. According to data from DappRadar, the NFT market has moved more than $500 million in the last 30 days; a large figure compared to the volume of money moved in December of last year, which did not exceed $10 million in its entirety.
The highest volume platform to date is NBA Top Shot, which moves a total value of 221 million dollars per month, and almost 4 million dollars per day, at the time of this edition.
On the other hand, sales of digital art in individual NFTs have also reached all-time highs. Recently, crypto artist Beeple celebrated the sale of his work titled “CrossRoads” for $6,6 million; while his art collection “Everydays The First 5000 Days” was auctioned for $69,9 million. Also Sophia The Robot, an AI robot developed by Hanson Robotics, made the first human-machine collaboration with artist Andrea Bonaceto. The two’s artworks collected more than $1 million in sales.
The auction of Sophia The Robot and Bonaceto's NFTs took place through the NFT marketplace, Nifty Gateway, where a unique portrait of the robot sold for over $680.000.
Cardano prepares for NFTs
Cardano's blockchain, which recently rose to third place among the industry's top cryptocurrencies, is also preparing to integrate NFTs. Its creator, Charles Hoskinson, published on his Twitter account a video where he indicates that the Cardano team is already in contact with several of the top 10 NFT markets in the industry, and that they are in talks to have them become part of this network in the near future.
“Because why not? It’s an easy conversation, and it’s just about engineering resources.”, Hoskinson said.
The NFT craze, which is a global trend, is also attracting the attention of regulators. The FATF recently published a draft of its guidance on digital assets and virtual asset service providers (VASPs), where it begins to target NFTs. Hester Peirce, Commissioner of the United States Securities and Exchange Commission (SEC), warns on the creation of fractional NFT tokens, which are interpreted as investments or securities under the laws of the country.
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