NFT Art Work: Fun Facts & Bizarre Buys

June 27, 2022 234 views

Did you know that the first-ever mainstream NFTs, CryptoPunks, launched by Larva Labs, were free? Each of those digital pieces are now worth millions of dollars. Yes, we aren’t kidding! The rapidly expanding world of NFT and Cryptocurrencies seem like the future for artists to enjoy financial gains that had been eluding their world always Meanwhile, these artists’ works have created investment opportunities for the rest of the world.

Let’s jump on the NFT bandwagon with some interesting facts that will leave you in awe:

NFTs cannot be forged

NFTs are unique, and they cannot be replicated. Artists can easily use a blockchain ledger to prove their provenance, hence solving the problem of physical art that can be stolen.

Minting on OpenSea is free

OpenSea is the biggest NFT marketplace currently out there. It sets itself apart from its competitors by offering free minting of NFTs. However, it only charges a commission fee on the final sale price. It is widely considered the marketplace to commence your NFT journey with, owing to its user-friendly interface and low costs.

Real Estate NFTs and Virtual land

We bet you didn’t know that there is a huge market for Virtual Real Estate in the NFT space! NFT projects such as Sandbox & Decentraland are based on Virtual Real Estate. Here you can buy your own home or buy land and construct your own home in the Metaverse.

Most valuable NFT

‘The Merge’, a digital art piece created by Pak (pen name), was based on the concept of a collection of masses, meaning the fractionalised pieces could be stockpiled to be sold as bigger pieces in the secondary market. At the end of the sale, a total of $91.8 million was spent, making it the most expensive NFT buy to date.

Now that we have covered some interesting facts about NFTs, let’s look at the most bizarre NFT buys ever;

1. Crossroads

This NFT art piece by Beeple was subject to change with the 2020 US Presidential Elections results. If former President Donald Trump, who was contesting in the elections, had won, the artwork would have shown him muscle-bound and naked, stomping through hell. If he lost (which he did), a 10-second video would depict Trump’s lifeless and graffiti-covered corpse sprawled in a park. After the secondary sales, ‘Crossroads’ made as much as $6.6 million.

2. Ghozali Everyday

This collection, launched by a 22-year-old Indonesian student, Ghozali Ghozalu, consisted of his selfies taken every day from the age of 18 to 22 to create a timelapse video at the time of his graduation. But when he learned of NFTs, he decided to launch them as NFT pictures and priced them at $3 each as he didn’t think anybody would actually buy them. In January 2022, it was estimated that each of his ‘993 selfie’ pictures was worth $800, which is ~₹10.63 crores.

3. Jack Dorsey’s First Tweet

The famous tweet by Jack Dorsey, ‘just setting up my twttr’, is now an NFT! The former CEO of Twitter auctioned his first-ever tweet via Valuables, a platform to sell and buy tweets. The final sale price of this NFT is capped at $2.9 million.

4. WarNymph

Auctioned on Nifty Gateway by Canadian musician Claire Boucher, a.k.a Grimes, this NFT collection consists of artwork that depicts babies wielding weapons & wings, guarding Mars. Sounds bizarre? That’s the whole point, we think! This collection sold for $5.8 million in the first 20 minutes of its launch. The artist pledges to donate a portion of her earnings to an NGO creating awareness of climate change.

5. Toilet Paper NFT

Keeping up with the NFT trend, brands are now looking for innovative ways to showcase themselves to the world. One such toilet paper brand, Charmin, decided to launch its own collection of NFTP (Non-Fungible Toilet Paper). They are only selling one of each of their five designs, so they are very limited. It comes with a ‘physical display’ option that allows you to hang your NFTPs next to your actual toilet rolls. The current highest bid on one NFTP is $1,083, which is ~ ₹84,000.

What is the weirdest NFT you have seen yet? Comment below!

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FAQs:

1. What is an NFT in crypto?

NFTs or Non-fungible tokens are blockchain-based tokens that represent a unique asset like a piece of art or digital content launched by an artist/creator. An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical.

2. What is unique about NFT Artwork?

NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated. This means that NFTs cannot be forged. They can represent real-world items like artwork and real estate and “tokenising” these tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud.

3. How much can you sell NFT art for?

Depending on its scarcity, utility, and popularity, the average price of an NFT can vary anywhere from $100 ( ₹7,805) to $1,400 (₹1,09,275). Additionally, fluctuations in the value of the underlying cryptocurrency may impact a non-fungible token’s price.

4. What marketplace is best for buying NFT

NFT marketplaces can either be specialised in buying and selling one type of art piece or they could have a broader range of NFTs such as art, music, photography, sports collectibles, etc. Depending on the type of blockchain, crypto and the kind of art you are interested in, you can choose to visit the following marketplaces: