invezz.com
Musician Grimes has participated in the non-fungible token (NFT) gold rush after auctioning about 8 digital artworks for $5.8 million.
She put them up for sale at Nifty Gateway on February 28. The highest valued NTF was a rare video called “Death of the Old” which was sold for $389,000. It involves a sword, a cross, and flying cherubs set to an original song by the artist.
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Her debut NTF collection was launched in partnership with digital artist Mac Boucher, her brother. The collection is a fusion of elements from futurism and mythology to create what is called the “Oth3rkin universe.” “WarNymph is the Goddess of Neo-Genesis,” the listing on Nifty Gateway states.
The explosive growth of the NTF industry
NFTs have finally exploded after gradually growing in popularity over the past year. The tech enables buyers to have ownership of a digital good, which is usually a video, an animation, or an image. The piece of the digital item offered for sale is based on a blockchain.
While NTFs allow buyers to offer their support to artists, buyers also have some benefits in return. Since it’s a digital good, buyers may not have the benefit of hanging the items on their walls in their homes. But they will have bragging right as the purchaser of their favorite star’s collection.
Apart from the bragging right, NFTs are increasingly becoming strong speculative assets. This means that those who buy them now have the chance to resell them in some marketplaces. There are many of these marketplaces popping up now, which has given NFT buyers the courage to invest in more digital possessions.
Grimes is not the first
Other artists have also profited massively from NTFs. Last year, digital artist Beeple made $3.5 million from art sales through Nifty Gateway. More recently this weekend, electronic musician 3LAU earned $11 million after selling albums and digital goods.
Nifty Gateway stated that a portion of the Grimes’ sales will be sent to nonprofit organization Carbon180, but the amount was not disclosed. Carbon180 was set up to help reduce carbon emissions and preserve the environment.