A Single Red Pixel Is Selling As An NFT for $800,000 – That’s Not A Typo
After all, ‘beauty is in the eyes of the beholder’ who has the money to appreciate it, of course. The NFT market is definitely frothy and “very speculative,” according to Beeple but also in the “very early days.”
In the world of non-fungible tokens (NFT), artist Unhomed is selling three digital artworks on NFT marketplace OpenSea, for more than $800,000 each.
What’s interesting about these digital artworks is they involve 1x1px in three colors; green, blue, and red, named Digital Primary G, B, and R, respectively.
All three of the digital artworks have received hundreds of views which could have been propelled by YouTuber Marques Brownlee tweeting, “A single red pixel selling as an NFT for $900,000. Hm. Right. Got it.”
So far, despite hundreds of views, not a single offer has been made on any of the NFTs.
However, if they do get hefty bidding, even that wouldn’t be out of the ordinary, not just in the NFT space but also in physical artwork. People were quick to point out that Yves Klein's “Le Buffle,” which is a splash of blue, was sold for $12.4 million at Christie’s New York in 2010.
After all, ‘beauty is in the eyes of the beholder.’ And of course, the beholder needs to have tons of money which the ongoing bull run has provided many digital assets participants.
This has helped NFTs explode into popularity this year, with overall NFT sales volume exceeding $220 million in Feb., up from the $250 million transactions recorded in the entire last year.
According to Pitchbook, so far in 2021, investors have poured $90 million into NFT, and digital collectibles companies, about triple the $35 million NFT start-ups raised last year.
“It’s one of those developments that has mass-market appeal and could potentially impact a world outside the crypto niche,” Andrei Brasoveanu, a general partner at Accel, told CNBC, which was part of the $50 million investment in Sorare, a blockchain-based fantasy football game.
“Very Speculative,” But In The “Very Early Days”
This week, a New York Times columnist Keven Roose also joined in and sold his article titled “Buy This Column on the Blockchain” in the form of an NFT for $563,000.
Twitter CEO Jack Dorsey also sold his first-ever tweet for $2.9 million this Monday.
Even the humanoid Sophia joined in on this NFT craze by co-creating a physical “self-portrait” and an attached 12-second MP4 file showing how the work evolved.
“We wanted to explore the possibility for humans and robots to collaborate not only on operational tasks but also on creative efforts,” said Andrea Bonaceto, an artist and partner at blockchain investment firm Eterna Capital who co-created the artwork.
According to digital artist Beeple, who became the third most valuable living artist by selling his NFT digital artwork for $69.3 million, there is “definitely some froth” in the market, but there is a lot of excitement as well.
Some people are definitely putting money into things that are “going to be worthless,” Beeple told The Associated Press via a Zoom call and likened it all to the Internet (dot-com boom) bubble, which burst, but that didn't make people stop using the Internet.
Although “it’s very speculative,” he said, “It’s very early days.”