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Crypto Windfalls Are in the Tokens Driving the Digital Art Boon

  • Market values of the coins that power NFTs have surged
  • Crypto lenders are also jumping in with NFT-backed loans
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Photographer: larvalabs
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While digital art is having a moment after Beeple’s shocking $69 million sale of a NFT-backed piece earlier this month, copycats hoping to cash in might want to focus on the tokens themselves instead of the collectibles.

Since “Everydays: the First 5,000 Days” set its sales record, the prices of dozens of non-fungible tokens that track ownership and sales prices of digital art have surged -- boosting the market almost 10-fold to $20 billion, according to crypto data tracker CoinMarketCap.com. That dwarfs even Bitcoin’s meteoric rise in the past few months.