NFTs have become one of the best ways for artists to create and monetize their works in recent years. It has also been an efficient and novel way for collectors to purchase and store value -- and even artfully display their treasures to the world through virtual galleries.
An NFT or “Nifty” is a Non-Fungible Token, representing a unique item instead of fungible tokens, which are mutually interchangeable, such as cryptocurrencies Bitcoin. NFTs -- usually issued on the Ethereum Network as ERC 721 tokens -- are used to create verifiable digital ownership and scarcity. Each NFT represents a one-of-a-kind item or one unique number of a series of limited editions of an individual item.
The concept of NFTs has been with us since December 2012. It was conceived from the idea of issuing real-world assets like real estate on a blockchain.
CryptoPunks launched the world’s first marketplace for rare digital art in Oct of 2017 on the Ethereum blockchain. Creators of the project showed 10,000 different cartoon characters for anyone with an Ethereum wallet to claim freely. All were quickly claimed, inspiring a robust secondary marketplace where collectors would trade them for increasing prices.
Marketplace sites like OpenSea and RareBits sprang up to support the new phenomenon. Today, NFT minting platforms Mintbase and Mintable enable virtually anyone with the tools to mint their NFT.
Today, commercial pop culture has joined the trend. Nike holds a patent for its blockchain-based NFT-sneakers, “CryptoKicks.” Currently, Artists Beeple holds the record for the most expensive NFT with his artwork “Everydays - The First 5000 Days” which sold for $69 million in March 2021.
In streetwear, we have -
1. The Hundreds brand released the Adam Bomb Squad (ABS) set of 25,000 unique avatar NFTs that sold out in 40 minutes. (Show photo). Perhaps one of the most interesting aspects of the ABS (Atom Bomb Squad) NFT design is that these NFTs come with various perks including:
An exclusive Adam Bomb Squad T-shirt per NFT
Early access to The Hundreds drops
ABS exclusive drops
ABS exclusive events (physical and metaversal)
“Fast-lane” privileges at warehouse sales
2. A virtual hoodie from streetwear label Overpriced, sold as an NFT for £19,000. The hoodie emblazoned with an expletive-laden logo in neon green graffiti font, sold on the digital art marketplace Blockparty.co to an anonymous bidder who, through scanning a code, can now “wear” the garment in virtual settings online.
3. Virtual sneaker brand RTFKT Studios collaborate with crypto-artist known as FEWOCiOUS, an 18-year old with a rapidly rising profile in the digital space. The two collaborated on a series of virtual sneakers, accompanied by digital merch in the form of a ‘Drip’, and a ‘Charm’. In total, across the three styles of sneakers made available, over 600 pairs were sold, reaching a total of over $3.1 million USD. The ‘Charm’ merchandise, meanwhile, sold for $88,880 USD, while the ‘Drip’ merch sold for $1500 USD each. They have already appeared on the resale market at around $5,000 USD each.
NFTs are here to stay across various facets of art and culture, it’s undeniable. How long do you think they’ll last? Will you collect them? And if you do, how’s it gone so far? Let us know in the comments below.
Comentários