5 NFT Art Projects You Should Keep an Eye On
In a nutshell, NFTs are digital assets that are unique and sold via the Ethereum blockchain, among others. What makes them unique is the fact that they’re immutable and non-fungible. This sets them apart from cryptocurrencies in the sense that the coins generated by crypto mining rigs are interchangeable with every other coin in the same currency.
The coins are individually encrypted for greater accuracy with tracking payments, but at the end of the day, no single Bitcoin or Litecoin is unique. So if you’re playing the cryptocurrency market, NFTs are a good way to increase the yield on your investment, provided the NFT you own is in high demand.
As we’ve mentioned, NFTs are not fungible. They can’t be broken down into smaller parts that serve the same value. In addition to being non-fungible, NFTs are also immutable. That means that you can track all of its transaction data on the blockchain and verify its authenticity with ease.
That being said, there are many different use cases for NFTs. For instance, some people are already using this technology to sell artwork (digital or otherwise), music ownership rights, collectibles, etc.
RTFKT Studios
While crypto-collectibles have been around for about a decade, NFTs are a newer field in the art world that’s starting to gain traction. This is partly because it can be difficult to tell what you should collect in this arena. So, let’s give you a primer: RTFKT Studios is a design studio that has previously created rare digital sneakers and other items with their designs on them.
However, they’re not just stopping there. They are currently working on an NBA-based project with an NFT marketplace known as NBA Top Shot; however, they haven’t released many details beyond having “digital sneakers” at this point. If you visit their OpenSea page, you’ll notice they have already started selling some of these designs as NFTs.
Jack Dorsey Tweets
Keep an eye out for Jack Dorsey’s tweets; they could become art one day. The CEO of Twitter sold his first-ever Twitter post as a non-fungible token (NFT) on March 22nd, 2021. His tweet, which read “just setting up my twitter,” sold for nearly 3 million dollars to an NFT collector. Its value was boosted by its status as being the first-ever post on Twitter and also because it was one of the first times someone sold their social media content as an NFT.
Now, a tweet may seem like an odd choice for ascension into the halls of fine art, but fine art is not all that art is meant to be. At the turn of the century, much emphasis was placed on public art, art that was given value by its viewership and communal ownership. This was an attempt to wrest art from the halls of the so-called “high art” and bring it to the common man.
Now, the world of NFTs purports itself to be “decentralized,” that is, it recognizes no centralized authority. The blockchain, and by extension, NFTs, are therefore valued depending on who considers them valuable.
This means that with the correct marketing, anything can be designated art. Whether this is the liberatory direction for art or a big-ticket moment for wealthy technocrats, is a consideration that will require a bit more observation and an attentive eye on cryptocurrency values.
CATS
If you want to start trading NFTs but aren’t sure where to begin, you might want to look into CATS. CATS are a digital collectible based on the Ethereum blockchain. Each CATS token is unique and can be bought and sold. All of them are based on CryptoKitties, a company that makes images of fun cats that you can collect.
CATS are a great entry point for new investors in NFTs because they’re adorable, and they’ve been around since 2018, so they’ve had time to develop their brand. Plus, they were only $9 each! That’s not much at all compared to some of the prices we see lately—and even if your collection doesn’t gain value right away, at least it’ll make your wallet look cuter!
Beeple
One of the most famous NFT artists in the world is Mike Winkelmann, also known as Beeple. He is an excellent example of a creative person who has made his living entirely by selling art on the internet.
Beeple’s striking 3D and collage works have sold for millions of dollars, attracting so much attention that Christie’s auction house has decided to offer one of them as part of its “First Open” sale beginning this Thursday.
Meanwhile, Beeple has built a huge following by making a new piece every single day since 2007. These days, he has more than 1 million followers on Instagram, where he shares his work with fans while they’re in progress.
By offering early access to what might be the next big hit and building up anticipation before it goes up for sale, he boosts interest in his pieces and manages to sell them for incredibly high prices. His success at this strategy can be seen not only through his sales numbers but also through the fact that many other artists have started using it themselves!
Grimes
Claire Boucher has been a staple of the electronic music scene since the late 2000s. She began releasing music on Myspace under the pseudonym Grimes in 2009, followed by her first studio album Geidi Primes, based on the landmark science-fiction series Dune. Since then, her style has seen various mutations, though she has been dedicated to her aesthetic of DIY electronic music, even at the peak of her career.
Although her fame has recently skyrocketed due to her romantic engagement with Elon Musk, Grimes holds her own in the realm of music, collaborating with artists from around the world. Inimical to her productions and projects over the years has been art, in the rapidly evolving forms it has embodied in the era of the internet. NFTs would not be outside of this purview because cryptocurrency prices are not what she’s focussing on.
Grimes recently created an NFT project called WarNymph, which has gained significant attention and earned over $6 million in auction sales. The project consists of images, videos, and music that have been tokenized on the Ethereum blockchain. Grimes intends for her NFT art to be displayed publicly as an interactive exhibit, but it is not yet accessible to the public due to logistical reasons related to COVID-19.
Get In on the Ground Floor With These NFT Projects
If you’re interested in the NFT space, we highly recommend you get in on this ground floor. We’re calling it the ground floor because the NFT community is a small one, and there aren’t many spaces where you can meet like-minded people so easily. One of the most valuable things about joining a project early is the chance to be a part of its community and build friendships as it grows—a benefit that any price tag can’t quantify.
The best way to get started is to head over to OpenSea, an online marketplace for digital collectibles powered by blockchain technology. Once you have an Ethereum wallet set up, you can start exploring, starting with the projects listed above.
But these are just an entry point; as with all good art, the real meat can only be found by exploring the millions of NFT projects that are out there. Some of these are just traditional artistic productions registered on the blockchain, but some bolder artists intend to incorporate the specific features of the blockchain into the very medium of their art.
These are very exciting times for the art world, as art is moving out of galleries and beginning to exist on the computer screen, freely available for anyone to view and appreciate. It’s a great time to learn about what art is and how its markets have functioned, historically and contemporaneously. It’s a big art world out there, and we’ve all received a free ticket to explore absolutely all of it.
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