Artist Sells Digital Artwork on Gemini-Owned Platform, Nifty Gateway, for Over $21K
Asides from its business and government applications, blockchain is also gaining traction in gaming and art commerce.
Blockchain Art for Good
This week, Anthony Pompliano, the founder of Morgan Creek Digital Assets, announced on Twitter that his company had helped an artist sell his work online.
The artwork had been auctioned on Nifty Gateway, a blockchain-based digital art platform owned by the Gemini exchange. Pompliano and his partner, Jason Williams, had independently commissioned the artwork created by 17-year-old artist Fewocious.
Pompliano is so pumped about the digital art market that he claims the industry could have a larger market capitalization than the traditional arts sector in his tweet. While that might not be true, this artwork did sell for a cool $21,350.
The auctioneers had initially planned to use the artwork for relief efforts, with New York still suffering significantly from the coronavirus pandemic. The artist eventually donated a portion of his proceeds to the New York Food Bank, a nonprofit that provides free meals to New Yorkers stuck at home.
NFTs Attraction for Digital Art
NYC Skyline was sold in non-fungible tokens (NFT). While NFTs have been particularly famous for gaming, they have also found a home in the art world.
NFTs are unique digital tokens with individual values that aren’t synonymous with others. They’re rare and indivisible, and they represent specific assets – it could be real estate, event tickets, an in-game item, a real-world item, and even art.
These tokens have been particularly popular in the digital art space as they provide holders with easy ownership of art pieces.
In October, Christie’s, a top auction house located in the Rockefeller Center, Manhattan, announced the sale of a digital portrait of the Bitcoin code. The deal marked the first time that an NFT was auctioned at a major auction house, and the $130,000 price even exceeded the auction house’s expectations.
Christie’s explained that an unknown buyer had purchased the artwork, known as “Block 21.” The painting contained a physical piece of art, as well as an NFT representing Bitcoin creator Satoshi Nakamoto. The sale was part of the auction house’s “Post-War and Contemporary Day Auction,” and bidding for Block 21 started at $20,000.
Block 21 was created by Ben Gentilli and the Robert Alice project. It is one of 40 pieces in a series, and it holds precisely 322,048 digits of the original Bitcoin code from Satoshi. The entire series, titled “Portraits of the Mind,” depicts the leading cryptocurrency’s 12.3 million initial digits of code engraved and painted on different circular panels.