coincodex.com
Key highlights:
- Grimes released 10 different NFTs in collaboration with Mac Boucher on the Nifty Gateway platform
- A 1-of piece titled "Death of the Old" was auctioned off for almost $390,000
- In total, the collection saw around $6 million in sales
Grimes NFT collection generates $6 million in sales
Canadian musician Grimes has sold around $6 million worth of NFTs created in collaboration with visual artist Mac Boucher. The NFTs were sold through the Nifty Gateway marketplace.
NFTs are unique digital tokens on a blockchain that can be used to represent a variety of things, indluding artworks, collectibles and video game items. Because they are based on a blockchain, the authenticity of NFTs can be easily verified, and ownership can be seamlessly transferred between different users. Currently, the most popular blockchain for NFTs is Ethereum, but alternatives such as Flow are also gaining traction.
The WarNymph Collection Vol 1 by Grimes and Mac featured a variety of artworks referencing "WarNymph", a digital avatar of Grimes that takes the form of a baby angel. The collection included 10 different pieces, featuring both still and animated images. The NFTs were issued in different amounts – some had 100 copies, others were limited at 10, while one was an exclusive 1-of. The "Warborn" pieces, which featured 4 different artworks that had 100 copies each, were sold at an accessible $20 apiece.
However, some of the other artworks were sold through auctions, and buyers stepped in with massive bids. "Death of the Old", a video that contains previously unreleased music by Grimes, sold for just shy of $390,000. This NFT was limited to just 1 copy.
According to Nifty Gateway, a percentage of the sales will be donated to Carbon 180, a non-governmental organization focused on tackling the climate crisis through carbon removal. The exact percentage that will be going to Carbon 180 hasn’t been disclosed.
Grimes shares her enthusiasm about cryptocurrency and blockchain with her partner Elon Musk, whose company Tesla has recently bought $1.5 billion worth of Bitcoin. Her current Twitter bio reads "Crypto Queen", and her timeline also contains references to Bitcoin and Ethereum.
NFTs are booming
We’re currently witnessing a massive boom in NFTs – according to crypto collectibles data aggregator Crypto Slam, there has been more than $100 million in crypto collectibles sales across the top 5 products in the last week. Marketplaces such as Nifty Gateway where artists can sell their own NFTs have also been seeing large volumes, and celebrities such as Grimes and deadmau5 are now entering the picture, generating even more hype. However, it remains to be seen if users will still be willing to drop hundreds of thousands of dollars on NFTs once the market becomes more saturated and some of the novelty of NFTs wears off.