Pop artist Grimes auctioned a series of 10 digital art pieces in Nifty Gateway on February 28. She was able to sell around $6 million worth of digital artworks after putting them up for auction. Some of the artworks have thousands of copies and some one of a kind.
The highest selling piece was a one-of-a-kind video called “Death of The Old”. The artwork shows flying cherubs, a sword, a cross and glowing light set to an original Grimes song. The winning bidder took it for roughly $389,000.
NFTs, stands for non-fungible tokens, allows buyers to purchase ownership of a digital item. The digital item is usually an image, video or animation paid in the form of a unique digital token living on a block chain.
NFTs allow buyers to support artists. Though buyers may not get to hang these pieces at home, they can get bragging rights for purchasing a famous work such as Nyan Cat or an artwork by a popular artist like Grimes. NFTs are a speculative asset and plenty of marketplaces popped up to offer the ability to resell them, as long as the hype around NFTs continues.