The Art of Non-Fungible Tokens

Mike Winkleman, who you may know as Beeple, recently sold a NFT art piece for $69 million. This is the most any piece of digital art has ever sold for! As the NFT craze continues, similar sales are bound to keep happening. People are selling tweet, memes, you name it. If it’s digital, someone will probably get it to sell in the wide world of the NFT.

What’s a NFT?

NFT stands for Non-Fungible Token. This is something that only exists digitally. A unique, one-of-a-kind token that you can own online. These tokens validate the ownership of creations like Beeple’s artwork.

What? That has value? People will pay money for that?

Anything can be considered valuable. If society places value onto something, it can be worth however much someone is willing to pay for it. It may seem odd to hand over a giant sum of money for a meme or a photo file, but if someone will buy it, someone will sell it.

Now, it’s the latest trend. Not only is it a big deal in the world of tech, but people who aren’t as much known for their bolstering STEM career are hopping on the bandwagon, too. Even some well known fast food establishments are looking to make a quick buck off of one of the biggest things happening right now. A lucrative industry is a lucrative industry, no matter how much you do or don’t know. If it’s simple enough, why not?

Beeple’s Success

Winkleman only recently got his foot in the door of the NFT world, and has already made millions. Only two months after simply looking into NFT’s, the artist garnered over 3 million dollars selling art using NFT’s in a single day. Just this month, he sold his nearly 70 million dollar piece. That’s a lot of money to earn over the course of just a few months!

The pricey piece in question is a massive collage of five thousand images created by Beeple in just over a decade. He spent a lot of time putting this artwork together, and it seems to have paid off big time. This digital image was the third highest seller of all time for a creation by a living artist. And this is just the beginning.

Are NFT’s the Future?

It might depend on who you ask. Even still, it’s hard to say. Right now, NFTs have a ton of potential, and many are worth a pretty decent chunk of change, as evidenced by Beeple’s recent income increase. It provides more accessibility for art, allowing it to take more than just one, physical form. By putting things online, you open up a lot of options that just aren’t possible in the everyday reality we know and love. The world is changing right before our eyes, and NFT’s are only a part of it.

Endowl even has a NFT of our own! Check out Happy Owlfred!

Photo by Nick Chong