A plastic artist from the Kingdom of Saudi Arabia with the title “ARC” was able to sell digital paintings based on non-exchangeable digital currencies NFT at a value of 480,000 dollars.
According to what the source quoted, “ARC” was skeptical at first about how to introduce cryptocurrencies into the art world.
He also told the same aforementioned source that he did not know much about blockchain technology and was suspicious of its reputation.
Last year, a representative from KnownOrigin – the latter which is a digital art marketplace powered by the Ethereum blockchain – contacted Arc on Twitter and invited him to test the platform’s platform, for ARC to agree.
A representative of the “KnownOrigin” platform helped him create an artist account and a cryptocurrency wallet, and he covered the “gas” fees that Arc paid in order to download and “deposit” his artwork on the blockchain.
I started posting on KnownOrigin without knowing what I was doing at all and just experimenting.
A few days later, I got a notification that one of my items had been sold.
I was really shocked that I wasn’t used to the idea of people buying digital art.
As of March 2021, “Arc” has sold more than 270 NFTs with a total value of over $ 480,000.
“Arc” added in his statement that this amount depends on the current price of the cryptocurrency Ethereum, which has increased in value since he began selling his artworks.
“Arc” isn’t the only artist riding the craze for the lucrative NFT market.
Previously, Chris Torres sold the artist behind “Nyan Cat” (that cat that moves and follows the colors of the rainbow) the iconic version of “GIF” for $ 590,000 in late February.
Digital artist Mike Winckelmann, also known as “Beeple,” recently sold a photo collage file for $ 69 million after an auction for two weeks.
The hype around these digital collectibles is not unique to the art world:
Independent artists and musicians advocate NFT as a viable model for digital ownership.
Athletes, musicians, game owners, and other fan-led industries are realizing the potential of NFT technology as an ever-growing source of profit.
Recently, “Jack Dorsey” the founder and CEO of “Twitter” offered his first tweet on Twitter for sale in the form of auction.
The Tweet is still up for sale for up to an hour as a non-exchangeable code NFT.
Offers have reached up to $ 2.5 million so far