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Blockchain Crypto Art NFTs

Creator of $500k NFT Mars House Believes Augmented Reality Is Just Around The Corner

NFTs are all the rage now. And although most NFT artworks are simply a rather non-immersive picture or video, the Mars House isn’t. This piece of virtual real estate is “comprised entirely of light”, and “the visual effects of her crypto-home are meant to omit a Zen, healing atmosphere”. It’s also accompanied by a musical score provided by The Smashing Pumpkins – so it’s also yet another musical NFT project.

Digital Real Estate

The Mars House – which recently sold for $500k – was created by artist Krista Kim, a contemporary artist and the creator of the art movement known as Techism. True to the tenets of her vision in which the real world and cyberspace are slowly fusing together, the Mars House can be ported into  a metaverse (virtual world) of the buyers’ choice.

Kim doesn’t see this as a one-off experience though – in fact, she predicts that in the not-so-distant future, we may be living in Augmented Reality.

“Right now, a lot of the [NFT] art that’s currently available on platforms, it’s a very limited parameter of how you can present the art. It’s presented, basically, as a digital file, a beautiful drawing or video on your screen, but my intention was to look beyond that. For me, I actually foresee that we will be living in an augmented reality lifestyle within a very short period.”

Kim commented that her artwork is the beginning of the next generation of NFT art – and that in the future we should expect to see digital customization to people the same way we currently see tattoos.

In fact, this digital customization has already started, with fashion accessories that you can customize by coding them – and coupled with events such as Crypto Fashion Week, the design choices of people both in reality and in virtual environments may be closer than ever to fusing together.

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Crypto Art NFTs

Grimes NFT Crypto Artwork Sells for $5.8 Million

The Grimes Digital Art Collection titled “WarNymph” sold out for US $5.8 Million. The collection items were minted as NFTs on the Ethereum blockchain and all copies were sold out in just 20 minutes.

The artwork depicted various things including travel to Mars with Elon Musk (her boyfriend) and her new born baby X Æ A-Xii. The NFT shown below has an asking price of US $2.5 Million.

NFT Newborn 2 By Grimes x Mac

One proud buyer posted on Twitter the NFT they bought from Grimes for 258 ETH (approximately AU $615,776).

Grimes became popular for her unique style and alternative rock music, hitting mainstream stardom when she became Elon Musk’s girlfriend and mother of his son last year.

Elon Musk and Grimes attend the Met Gala in 2018. Jason Kempin/Getty Images
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Crypto Art NFTs Tokens

Rock and Crypto: Kings of Leon to Release the First NFTs Rock Album

The American rock band Kings of Leon has announced their next album “When You See Yourself” will be NFT-based, with tokenized tickets. This makes them the first rock band to release an NFTs album with underlying blockchain technology.

The album, besides launching on traditional music platforms like Spotify, will be released on YellowHeart, a blockchain-based ticketing platform.

Main page of YellowHeart announcing NFT Yourself

The group is also offering fans unique products by launching “NFT Yourself”, a series of special items integrated into the album, including:

  • Tokenized tickets, which the band calls “Golden Tickets” for the chance to win a front-row seat for life, during all of the band’s tours.
  • Exclusive audiovisual materials.
  • Live show perks.

NFTs Being Sold for Thousands of Dollars

The band isn’t the only one rushing in to become part of the massive sales of the NFTs industry —a few days ago, the musician 3LAU recently sold his NFT album for US$11 million using the Ethereum blockchain.

It might not be a surprise that more artists are jumping in on the digital art NFTs trend, as they become a valuable representation of unique items, such as crypto-collectible, or crypto gems, which are computer-made representations of gems being sold in online DeFi marketplaces.

NFTs Industry Booming with Big Profits

These representations are currently being sold for thousands of dollars on several markets. Even a Canadian investor paid $20,000 for CryptoPunks, computer-made avatars.

There are currently 10,000 CryptoPunks

The NFTs industry made over US$100 Million alone last month, and it is growing at a fast speed as collectors are paying large sums of money for crypto-collectibles and other kinds of unique items.

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Crypto Art NFTs Tokens

NFTs Are Selling For $1000s – Why Do They Have Value?

Digital art NFTs (Non-Fungible Tokens) are being sold for thousands of dollars on online marketplaces such as Rarible. And considering some of them are computer generated at low to no cost – why are they selling at such high prices?

An example of NFTs for sale are these Crypto Gems – which are photo realistic unique creations of digital gems handcrafted by Lux Expression.

Crypto Gems NFTs for Sale on Rarible

The price is shown in WETH – essentially a wrapped Ethereum token which has the same price of ETH, but it can be used on DeFi much more easily.

Mozambique Ruby NFT latest bid $1,205

What are Non-Fungible Tokens (NFTs)?

A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.
Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art, digital collectibles, and online gaming.

Wikipedia

Community Gives NTFs Value

According to billionaire investor Mark Cuban, the value of an NFT is determined by its community and the size of the artist’s following. Cuban also estimates that NFT’s adoption will grow to become a $100b marketplace used for music, photography, sports, moments, or even memes.

People seem to be buying NFTs for a variety of reasons, like:

  • “I like collecting things”
  • “It’s fun”
  • “I like the artist”
  • “I like the art itself and want to own it”
  • “I want to put the art in my virtual home in the future”
  • “There is a limited amount of them and I want to resell for a higher price and make a profit”

Celebrities Promoting NFTs

There are many celebrities promoting NFTs such as Gary Vaynerchuck and Linkin Park singer Mike Shinoda. From Gary’s perspective, NFTs will be huge, not really as investments but more as collectables.

CryptoPunks NFTs Collection

An example of auto generated NFTs are these 10,000 unique collectible avatar characters called CryptoPunks, with proof of ownership stored on the Ethereum blockchain.

At the time of this writing, some of them are selling for even $55,000 USD, arguably an insane amount of money to pay for an auto-generated image.

The source code that generates these images is on GitHub and you can see them all in the image below.

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Australia Blockchain Crypto Art Tokens

Alien CryptoPunk NFT Sold For 605 ETH At Auction

NFTs (Non-Fungible Tokens) are unique cryptographic tokens – usually representing an artistic piece – that have been gaining attention for quite a while now.

In Australia, some NFTs have been sold to raise money for charity, such as this true blue F1 race car. The profits have gone towards reducing the impact of the bush firres that tore through Australia in early 2020.

Although they became widely known due to the CryptoKitties project, there is an older project whose artworks are becoming more and more expensive – namely CryptoPunks.

A 75x Increase In Value

Developed by Larva Labs, these unique tokens were created long before the ERC 721 standards and hearken back to the old days of retro pixel art.

Following some intense bidding, Punk #2890 has been sold for a whopping 605 ETH to a group of investors – including FlamingoDAO – who are interested in collectible NFTs.

Although each punk is unique, some are especially rare, especially the ones that are Aliens or Zombies.

This particular NFT represents a blue alien punk that has increased 75x in value since its last sale.

According to a spokesman for the investment group, the enormous valuation that the piece currently has will increase over time – especially as the world becomes more and more digitalized.

“It’s simple: Cryptopunks is a groundbreaking project; it pre-dated the ERC 721 standard and crypto kitties. Aliens are the rarest form of Cryptopunk and we believe that the acquired Alien will be prized by collectors over time and mature into an iconic digital art piece.”

@gmoneyNFT – an NFT collector who also recently purchased a Cryptopunk for 140 ETH – dismissed the criticisms regarding the artworks high price, comparing it to high-priced items found in everyday life.

“Why would someone pay millions of dollars for an original Andy Warhol screen print when you can buy the same one online for $20? Why would someone buy a pair of yeezy’s for $300 when you can buy a fake from the same factory, made with the same materials for much less? Humans like to feel special. The provenance has value.”

Whether NFTs will slowly replace physical artworks at Tate Gallery auctions is up for debate – nevertheless, the interest in them does not seem to be slowing down.

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Crypto Art Crypto News

Australia’s First Immersive CryptoArt Festival

Paddington Hall will be transformed into a celebration of digital art and music with a three-day, multi-sensory walk-through experience featuring 20 of the world’s top digital artists.

Future Art is Australia’s first immersive Cryptoart Festival, and will combine HD projections, digital display frames and interactive VR to highlight the rare digital art space, which is redefining art ownership with the use of blockchain technology, Bitcoin and Ethereum.

What Is Cryptoart?

If an artist creates a piece of digital art, such as an animated gif or a movie, they can sell it using blockchain technology. A digital token is used that has all the information of the digital art store within its metadata. It brings with it scarcity and value into the digital art world. Future Art curator Sats Moon says:

“Two or three years ago, if you created something on your iPad or phone, people could take a photo of that or copy a jpeg and there’d be millions all over the world. There was no value attached to digital art. The crypto ethos is ruled by blockchain technology – the artists get paid a royalty directly into their currency wallet whenever their art is bought and sold. It’s baked into the technology.”

How Does It Work?

The artist uploads their artwork to a digital gallery, such as SuperRare or Rairible. A transaction is created in the Ethereum blockchain, moving a token associated with the artwork to the crypto wallet of the artist who created the piece. The transaction is digitally signed to prove authenticity.

The artwork is them uploaded onto the system. When it is sold, another transaction is issued and the token is moved to the wallet of the buyer.

Itinerary

Future Art runs from January 15 to 17 at Paddington Town Hall. Buy tickets here.

The show will also include keynote presentations from leading VR and AR artists ‘Giant Swan’ and ‘Marc O Matic’, who will be painting live sculptures while interaction with the audience.

Future Art – Marc O Matic from Sats Moon on Vimeo.

Friday 15 January 2021
Future Art Launch Party, inc live performances by Dave Goode + Murat Kilic + The Planetts + butters
“AAA – Access All Art”
7pm – 11pm
Tickets: $50 + BF (includes admission)

Saturday 16 January 2021
Keynote VR/AR Presentations
Giant Swan (Australia)
Marc O Matic (Australia)|7-10pm
Tickets $50 + BF (includes admission)
Music by Reckless Republic+ Dave Goode + Murat Kilic + The Planetts + butters

Sunday 17 January 2021
GA General Admission – 12pm- 6pm – $25+BF