With non-fungible tokens (NFTs) currently having their moment in the limelight. We thought it would be interesting to step back from some of the gory details affecting the crypto market. Today we’ll take a look at some of the artists who are pushing non-fungible tokens forward. These creatives are pushing blockchains forward by testing their worth. Ultimately, artistic culture is positive. Art is a catalyst for the adoption of blockchain and cryptocurrencies in general.
On a side-note, if you don’t know what NFTs are yet, take a look at one of our articles here.
These creators are making waves in the art world with NFTs.
Larva Labs, a software development company with a history spanning back to the T-Mobile Sidekick most recently turned heads with their CryptoPunks project. CryptoPunks are unique tokens of 8-bit punk characters. There are only 10,000 of these avatars and so far the sale of these NFTs has amounted to over 99 million dollars!
The musician, Jacques Greene recently offered a new kind of NFT. Greene, an international phenom, offered the complete share of his publishing rights to the highest bidder. In essence, the buyer of this NFT has the power to license the song to movies, advertisements, and other musicians. The purchase of publishing rights effectively allows others to use the NFT as an investment which given Greene’s fame could pay out very well over time. Greene recently sold his song ‘Promises’ for 13 ETH or $21,270.34.
John Orian Young is a 3D artist that sells figurines and animated characters as NFTs. One interesting aspect of his NFTs is that each time a token is purchased, it is immediately listed again at double the price. Young creates his animations that ultimately may find even more value in Virtual Reality worlds. Young has grossed over $193,000 thus far.
NFTs may be the most widely known way for artists to use the blockchain to profit off their work. However, this is not the only approach. Notably, Berlin-based artist, Bailey Keogh, has used crypto mining to create what she describes as “decentralized performance art.” Keogh rigs websites up so that participants in her art can use their computing power to mine cryptocurrencies. The mined assets are then redistributed to a variety of initiatives.
The Future of NFTs
It is obvious that the future of NFTs is bright and a lot of innovation is on the way. There is much speculation that the purchase and sale of digital images is just a fad but the angle artists such as Greene and Keogh approach blockchain-based art could very well hold weight in the future. Regardless, these use-cases are positive for our community going forward.
