NFT, Pure Speculation or Future of Art?

If you are not one of those who live so happily isolated from the world, I am sure you have adopted terms such as cryptocurrency, blockchain or NFT into your vocabulary. I am also sure that you freaked out when you read in the news that a work of digital art sold for 69 million dollars, that the first tweet in history did so for 2.9 million, that a column in the New York Times was worth 475,000 euros and that someone spent 590,000 dollars on a meme. What’s going on? Have we all gone crazy? What the hell is an NFT?

NFT means Non-Fungible Tokens. A token is an individual unit that provides its users with a valuable product to interact with the company. A token can represent a currency, a stock, a personal belonging, or a financial asset. Non-fungible means something unique that cannot be replaced by anything else. In short, an NFT is unique type of asset that cannot be altered and whose format is digital. This format makes us wonder, why am I going to spend money on digital content that I can access for free? The answer is simple: Exclusivity. NFTs use blockchain technology to certify their uniqueness and differentiate themselves from the rest of the digital files on the internet. Although it is generally related to cryptocurrencies, a blockchain network is nothing more than a distributed and secure database that can be applied to any type of transaction.

Many artists see NFTs as a new way to promote themselves and earn income. The identity of a work of art and the rest of the essential information about it can be easily traced thanks to the blockchain. Whenever someone wants to resell their piece of art, it is easy for buyers to check if it is original. In addition, NFTs offer the opportunity for digital artists to sell directly to the market without intermediaries. A copyright function can also be programmed into the work so that, in the event of resale, a certain percentage is received. So that you can get a clear idea of the size of this phenomenon, below we name some of the most expensive NFTs in history.

Aphex Twin: 

the stage name of the English musician and composer Richard David James, considered by many to be one of the key figures in electronic music over the last two decades, wanted to join the NFT trend and managed to sell a work for $128,392,56 (72 ETH, Ethereum currency). The auction managed to capture the attention of the artist’s most staunch followers, being the first work that Aphex auctioned off in the new trend of nonfungible tokens. The Irishman said that he will use part of the money to plant tres and for permaculture projects.

Every one of the first 5,000 days:

$69.3 million: For the time being, it holds the record for the most expensive NFT ever sold and one of the most expensive works of art in history. This artwork, created by famed digital artist Mike “Beeple” Winkelmann, sold for $69.3 million at Christie’s. The NFT depicts a collage of 5,000 of Beeple’s previous artworks, a detailed display of the artist’s work over the course of his career. It was bought by Vignesh “Metakovan” Sundaresan.

CryptoPunk #7804 - $7.5 million:

The software design company, Figma, is behind the sale of the second most expensive NFT in history: CryptoPunk # 7804. The NFT sold for $4,200 in 2018; now it is worth $7.5 million. CryptoPunks are a randomly generated set of 10,000 unique digital characters and are some of the first examples of nonfungible tokens released on the Ethereum blockchain. Some CryptoPunks with particularly rare or desirable characteristics are the most coveted. CryptoPunk # 7804 worth $7.5 million is a blue-skinned alien who smokes a pipe. 

Crossroad - $ 6.66 millones:

Crossroad is an NFT created by acclaimed digital artist Beeple. It features anti-Trump messages and an enlarged Donald Trump-like figure covered with profanity written on his naked body. The artwork was designed to change according to the outcome of the 2020 election. If Trump had won, he would have been depicted wearing a crown and walking through flames. This NFT was resold just four months after its initial purchase, at approximately 10 times its original price.