- Insider spoke with several artists and industry experts to see how they feel about the NFT craze.
- Some see NFTs as simply a trend among investors that involves little substantive cultural interest.
- Others see the value it could hold for artists themselves, especially in regards to payment for art..
In the past month, non-fungible tokens have skyrocketed in popularity, with NFT art pieces selling for millions of dollars. One of the most notable instances is an artist named Mike Winkelmann, better known as Beeple, who sold a piece for nearly $70 million in March.
The space has also attracted big names, from Damien Hurst to brands like Time Magazine and Playboy. Insider’s Kari McMahon reported that more than $1 billion was spent on digital assets in March alone this year, according to data from CryptoSlam.
NFTs are digital assets stored on blockchain technology – the same tech that makes cryptocurrencies like Bitcoin possible. Millions of people may see an NFT without paying such an exorbitant cost as several million dollars to own it, but because NFTs are unique and can’t be duplicated, in theory the original file maintains its value.
