The Masterpiece of the Digital World: NFTs
By Justin Caccappolo
Branching off of our last discussion on smart contracts through the Ethereum network, let’s discuss one of the Ethereum tokens that have collided both the Crypto and the Art industry. Non-Fungible Tokens are a result of ERC-721 protocol on Ethereum. This protocol allows you to store specific and unique information such as an image, certificates, or contract details that have digital ownership on the blockchain encrypted to your Ethereum Address. These tokens are forever stored on the blockchain and prove ownership. With a brief spike of popular projects in 2017, NFTs did not fully inundate the art world until this year. The most notable recent achievements include appearing in various auction houses such as Christies.
Beginning in February of this year, artist Beeple worked with Christies to sell his “Everydays: The First 5000 Days, 2021“, which compiled 5000 daily pieces of his artwork over the past 13 years. This sold for $69,346,250 USD in a single lot sale and set the record for the most expensive individual NFT ever sold. Currently, Christies is hosting open bidding until the 28th of September for various Crypto Punks, Bored Ape Yacht Clubs, and Meebits. These NFTs are listed in the collection “No Time Like Present” alongside art from well known names such as Tom Sachs, George Condo, and Rolex. Keep a close eye over the next few days on this auction as multiple Punks and Apes have current bids for over $500,000 USD! The next auction will start on October 1st, titled “Post-War to Present: The NFTs“, including two full sets of Curio Cards and Art Block Curated sets. Let us know what you think these collections will sell for on our CrossTower Twitter and check our previous research on NFTs here.
CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.
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