How NFTs are Transforming the Art World

NFTs have taken the creative world by storm. They are altering the way that artists and galleries authenticate original works of art. These tokens came to the spotlight in March 2021 when a digital art piece by Mike Winkelmann, alias Beeple, sold for a record-breaking $69.3 million at a Christie’s Online Auction. It not only became the third most expensive artwork ever sold by a live artist, but it also managed to become the costliest digital asset ever sold as an NFT. Even the Bored Ape Yacht Club (BAYC), a popular collection of 10,000 individual bored apes produced by Yuga Labs, gave a push to the NFT era by managing to cap more than $1 billion in total sales. Utility and community have been the key aspects driving these massive NFT sales, thanks to the blockchain technology behind these tokens. NFTs are already changing the way people interact with art, and with many more developments on the way, the industry is set to explode, driving mass adoption. Now the market is gearing up to have the big players in the hospitality sector jump in as well. Hotels like Ritz, Hilton, Waldorf, are now involved in a NFT drop called Last Hopium, where it will provide the holders with benefits in the real world. Utility NFTs: The Next Big Thing In the Market? Hundreds of brands and celebrities have launched their NFT collections in recent months, with varying degrees of success. NBA Top Shot sold $500 million in NBA history, Elon Musk ...