A digital painting made up of 5,000 smaller images soon to be sold at Christie’s auction house.
All of these have recently been turned into non-fungible tokens, or NFTs, a new method for digitally buying and selling art and other media. These cryptoassets represent the latest blockchain-based boom: Three years ago, the entire NFT market was worth no more than $42 million. By the end of 2020, it had grown 705% to $338 million in value, according [to the latest estimate] from Nonfungible.com, which monitors the NFT marketplace.
While estimates for the current market size are unavailable, surely it’s grown even more. Just consider the face value of tokens sold in the first two months of the year: Through February, there have been close to 150,000 sales of these tokens for some $310 million—almost quintuple the amount sold in all of 2020.
“This is the future—the coin of the future realm,” says the actor William Shatner, on a Zoom call from his San Fernando Valley home. Last July, the 89-year-old Shatner sold memorabilia from his life and career as virtual trading cards on the Wax blockchain. A 5-card pack was yours for $5. A 25-card pack set you back $25. The collection included candid photos from his Star Trek days…and a 68-year-old dental x-ray. They [sold out ](nine minutes. One of the rarest cards—a Shatner headshot from the 2000s—recently resold for $6,800. “It’s a phenomenon of rare things being bid up on the internet,” Shatner proclaims.
For a buyer, they provide a secure certificate of ownership over a digital object, protecting the good’s value. The internet makes it easy to duplicate and forge something, and without an indisputable ownership record such as an NFT, the good is essentially worthless.
For a seller, NFTs make it not only possible to sell something today, but also to keep earning tomorrow. Artists in particular have historically struggled to reap rewards if their work appreciates in value. NFTs can be coded to allow the original creator to collect money each time the token trades hands, usually for between 2.5% to 10% of the sale price. The ability to set up a recurring revenue stream appeals to any famous person looking to extend their fame’s earning potential. For example, YouTube star Logan Paul [sold $5 million] worth of his own NFT—a cartoon image of himself styled as a Pokémon trainer—last weekend.
“NFTs are the single biggest reorientation of power and control back into the hands of the artist basically since the Renaissance and the printing press,” says Robert Alice, a London-based artist. He [sold an NFT] through Christie’s four months ago for $131,250, nearly ten times the estimated price. “It appeals to people who have built up their own audiences—maybe on social media—to go and sell work directly to their audience.”
Expect from zkswap v3
Dinamic features: for every nft marketplace featute is the important thing so if Zkswap add some extra features that others platform don’t have this would be great.