An Ethereum whale decided to spend around $6 million just to buy 1% of the popular CryptoPunk NFT limited collection. If you don't know the definition of a whale in the cryptocurrency industry, it is a person or an agency holding a large amount of their preferred digital coin.
This means that the total value of all the art pieces could reach around almost $600 million. For the past few years, CryptoPunk has had an average value of 22 ETH or $54,000 for each digital artwork.
The latest NFT purchase shows that a nonfungible token could suddenly increase its value. This is great news for those independent artists who are working on creating digital masterpieces.
Aside from them, musicians, painters, and other kinds of artists could also make their own NFT. They can even sell their works and put their signature on them to increase their value. Remember, NFT and crypto differ when it comes to their actual values.
One crypto will always be equivalent to one crypto token. On the other hand, an NFT art based on a popular basket player or other celebrities could have greater value compared to those newly designed nonfungible tokens.
In other news, NFT coins are also changing the gaming industry. New titles, such as "Axie Infinity," "My DeFi Pet," and other popular brands are now appearing. On the other hand, you can also check these top 10 most expensive NFTs in the sports industry.
NFT as Game Change For Artists
Coin Telegraph reported that NFTs are now helping more and more artists earn money, especially since they can't conduct huge events because of the ongoing pandemic.
Popular musicians now earn millions of dollars by selling their nonfungible masterpieces. However, their revenue would still depend on their popularity.
For more news updates about NFT and other related digital artworks, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
