Crypto art has been around for a few years, but it has risen in popularity as a hot new tech trend since the beginning of 2021. NFTs were first used in an online game called Cryptokitties, in which players could trade and sell digital kittens. Users can buy and sell digital products on a variety of digital markets. While vendors can accept any payment for their NFTs, the most popular are cryptocurrencies like Bitcoin and Ethereum. Buyers obtain ownership rights, or a licence, to a digital property in this manner.
Digital artist Mike Winkelmann, often known as Beeple, sold an NFT of his digital work titled 'Everydays: The First 5000 Days' for $69.3 million, according to Bloomberg. The price is staggering, but it's also worth noting that the transaction was conducted through Christie's, demonstrating how even the most traditional institutions are embracing this new business.
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