Cryptoapes, Cryptokitties, Beeple – according to Collins Dictionary, NFT was the word of the year for 2021. The popularity of non-fungible tokens exploded during the course of last year, with celebrities such as Eminem and Melania Trump having jumped on the bandwagon, the total market cap was estimated to be in excess of $40 billion according to data from blockchain analytics firm Chainalysis Inc.
The founding of NFTs is inextricable from the art world; almost a decade ago, the first NFT was minted. New York-based digital artist Kevin McCoy created Quantum, a pixelated, radiating octagon, was minted on the Namecoin blockchain. The artwork was sold by major arthouse Sotheby’s through their Natively Digital online auction, and fetched just over $1.4 million last year.
Competitor Christie’s sold over $150 million worth of NFT artwork during the last year, Everydays – The First 5000 Days by artist Beeple being sold for a record-breaking $69 million, positioning him amongst the “top three most valuable living artists”, said the auction house. We examine the history, possibilities, and some of the African players in the NFT space.
THE GOOD, THE BAD, AND THE INTANGIBLE
This story is from the April - May 2022 edition of Forbes Africa.
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This story is from the April - May 2022 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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