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Non-Fungible Token (NFT)

Non-fungible tokens are “a special type of cryptographic token which represent something unique. Non-fungible tokens are thus not interchangeable.” (Source)

Non-fungible tokens (NFT) and digital artwork have collided and the concept has grown exponentially during the last few years. In 2020, however, the NFT digital art ecosystem has swelled significantly this year.

Statistics show that during the last week, there’s been 14,654 sales and $1.2 million in weekly trade volume. The average price for a single NFT out of all the NFTs sold during the last seven days is roughly $82. All-time records show over 4.7 million NFTs have been sold according to nonfungible.com and there’s been $103 million in global NFT trade volume.

Nifty Gateway market statistics.

The average price for any NFT during the entire existence of NFT records is $21.70 but there are some NFT’s that sell for hundreds of dollars and even thousands. Data shows that the NFT marketplace Nifty Gateway closed a record-breaking auction of a piece of digital art called “Picasso’s Bull.”

The 1/1 edition was created by Trevor Jones and it sold for $55,555 on July 23. The colorful content was designed in the form of a non-fungible token called nifty and sold to the highest bidder. Nifty Gateway launched in March 2020 as an “all-in-one platform to buy, sell, and store your digital art and collectibles or ‘nifties.’”

 

Trevor Jones’ “Picasso’s Bull” is a 1/1 digital art NFT and it sold for $55,555 on July 23, 2020.

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