I am sure, like me, you have heard a lot about NFT’s recently. The marketplace is absolutely booming! Take for example, Mike Winkeleman, otherwise known as Beeple, who was a relatively unknow artist, until he sold a digital collage titled — Everydays — the First 5,000 Days. The JPEG file sold for $69,346,250 through prestigious auction house Christie’s. By utilising the power of NFT’s aka: non-fungible tokens, Beeple is now among the top three most valuable living artists after David Hockney and Jeff Koons.
It is this redistribution of power to creators that most interests me. The fact that the artworks can’t be exchanged like-for-like i.e., ‘non-fungible’ the creation is truly unique and there can be no dispute over ownership. This makes NFT’s an extremely valuable investment for buyers. The other benefit for creators, is the ability to continue to earn money from the artwork as the work continues to appreciate in value. NFTs can be coded to allow the original creator to collect money each time the token trades hands, for a pre-agreed percentage.
The sudden increase in market value is staggering, some publications have reported that by the end of 2020 it had grown 705% to $338 million in value. This rise has unlocked a stream of creativity from some very talented artists.
While most NFT marketplaces are littered with meme-based creations, the market is quickly maturing and the quality of artwork that can be found is staggering.
One such artist I have discovered is Zuzana Breznanikova. Her work is superb and effortlessly blends themes of renaissance art with modern day technology.
Her EloNFT Musk collection is a stunning take on the revolutionary entrepreneur and space explorer.
You can also learn more about Zuzana Breznanikova on her website.