The New Crypto Craze: NFTs Making Some Creators Millions

The New Crypto Craze: NFTs Making Some Creators Millions

“NFTs appeal to people who have built up their own audiences—maybe on social media—to go and sell artwork directly to their audience.” Many celebrities and influencers are already boosting their income through listing NFT’s, which is the new method for digitally buying and selling art as well as other media online.

What is an NFT? An NFT is a ‘non-fungible token’ – it represents a digital asset which is not interchangeable. They are unquestionably authentic because of the NFT tokens which prove that a digital file is the one-and-only original. Some people may be familiar with the cryptocurrency Bitcoin, which are also digital assets but they are fungible, meaning that one coin is indistinguishable from another and equivalent in value. The main difference between Bitcoin and NFT’s is that NFT’s are unique digital assets with each token representing a unique value.

Why jump on the NFT trend? Back in 2017, the hype was all about CryptoKitties and CryptoPunks. CryptoKitties is a collection of creatively drawn cats which are breedable and collectible. Each cat is one-of-a-kind and, once purchased, it is 100% owned by the purchaser. It cannot be replicated, taken away or destroyed. CryptoPunks are 10,000 unique collectible characters and each one of them can be officially owned by a person who would receive proof of ownership stored on the Ethereum blockchain. The most valuable CryptoKitties now sell for more than $100,000 and CryptoPunks for over $1 million. Many people believe that the new NFT trend has a lot of potential which is why many creators who are jumping on early, are making substantial profit which, surprising to some, does not stop once the sale is complete. NFTs can be coded to allow the original creator to collect a percentage of the money each time the digital asset is traded usually for between 2.5% to 10% of the sale price.

Mainstream celebrities such as Logan Paul, Tyga, Daft Punk, Lindsay Lohan and many more are already latching onto this trend. YouTuber and internet public figure Logan Paul recently sold $5 million worth of his own NFT, which was a digital art piece of himself as a Pokémon trainer. Artist Tyga sold his digital art for $1500 which was then worth $4,459.60 in auction. Even though his digital art is sold, every time someone else sells the asset, the musician receives 15% of the profit. Beeple created a digital collage of the last 5000 days since May 2007 whereby the auction for this digital art started on the 25th of February, and will end on the 11th of March. The original bidding was set to only $100 and by the 1st of March the auction price was pushed to $3,000,000. Grimes, a Canadian musician, sold out her digital artworks within 20 minutes after tweeting it out to her 1.1 million Twitter followers. She is now $5.8 million richer.

First 5000 days – Beeple

Social Instinct is now a provider of NFT services. Our digital artist team will be able to create the perfect art piece for you that will appeal to your specific audience whether it is cartoons, anime, collage, fine art, or any other type of digital art. We will then oversee the entire process up to selling your limited digital art on marketplaces such as OpenSea, Rarible and Nifty Gateway. So why not start now? If other creators can make money from NFTs then so can you!

Interested to hear more? Contact our team at contact@socialinstinct.co.uk for more information.

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