NFT Art Is All About the Hype
The art market is uniquely suited to draw attention to “non-fungible tokens” and the technology behind them.
Source: Beeple
A publicly available 10-second video clip for $6.6 million and another digital work by the same artist — similarly impossible to take out of free circulation — about to sell for millions of dollars at Christie’s? A clip of a LeBron James slam dunk for $200,000? If you can’t believe it, OK boomer. The Non-Fungible Token (NFT) phenomenon is for real.
But let’s be clear here: The multimillion-dollar hype around it isn’t necessarily revolutionizing art, the collectibles industry or the concept of property. More likely, a specific community whose members have amassed fortunes thanks to cryptocurrency windfalls (or those who are trying to get in on the game) is spending some of this wealth to advertise the blockchain technology so that the money rain never stops. And certain NFT applications are, indeed, worth attention, even if those applications aren’t necessarily the ones in the news these days.