An NFT from Tezos
They?re being shown at Basel, included in Venice: let?s see what the data tells us about NFTs and their long-term potential. Our contributing editor and columnist Sophie Neuendorf looks into it
Sophie Neuendorf
At this point, I believe that most of you will have heard of the phenomenon that?s taken the art world by storm: Non-Fungible Tokens, better known as NFTs. Ever since Christie?s sold that now famous NFT by artist Beeple for $69 Million in March 2021, this nascent category has grown exponentially. Over the past year, something like $44 billion has been spent on about 6 million NFTs, usually issued to certify digital creations but sometimes for physical objects such as paintings and sculptures.
The popularity of NFTs can be attributed to several factors. Primarily, it can be attributed to the rapid digitalisation of the art industry. Now, more and more artists, collectors, and professionals are comfortable with browsing, interacting and transacting online. This coincides with the cultural shift to the metaverse, which is a digital copy of the real world. It?s unsurprising that the metaverse should include fine art and collectibles, given that luxury fashion brands such as Gucci, Prada or Ralph Lauren are also represented. Jimmy Fallon’s NFT by Bored Ape Yacht Club
But how can one identify ?good? or ?bad? NFTs and NFT artists" How do we know which NFTs are a good investment" This process is not much different to that of tradition...