NFTs, or non-fungible tokens, are getting more mainstream. Even Christie’s, one of the major auction houses, auctioned an NFT-based work of art called “Everydays: The First 5000 Days” by Mike Winkelmann. Other artists as well put their digital artwork up for sale. One of them is the Brooklyn artist Blake Jamieson. Within six weeks he made over $46,000 in online auctions, in which he offered his digital artworks on platforms like OpenSea and SuperRare.
NFTs are unique cryptocurrency tokens that represent digital assets like a work of art. On the basis of the blockchain, authenticity and ownership of the digital art can be proved. Jamieson took high-resolution images of his past acrylic pour paintings and published individual sections of these series as separate NFTs on SuperRare. NFT sales are for him an extra income, because so far, he is making more money on his physical art. He thinks that the NFT market is going to be a more established way of conducting business. This innovative mode will also break artists and auction houses into new audiences. These audiences could also realize that the art market brings pleasure based on the low bar for entry on the digital art market. The authenticity and provable scarcity are a unique opportunity to participate in the blockchain and crypto market.