CryptoComLearn — Crypto assets linked to non-fungible token (NFT) marketplaces have experienced a dramatic rally since the digital art mania ignited a few months ago. A digital artwork by the artist known as Beeple — a collage of his daily creations since 2007 — sold for a record $69.3 million at Christie's auction house, making it the third-largest art sale by a living artist after Jeff Koons and David Hockney.
NFT-Related Tokens Skyrocket
According to the latest data from blockchain research firm Kaiko, NFT-linked tokens have soared in tandem with the surge in digital art sales. Decentraland, a virtual world where users can purchase NFTs, saw its MANA token climb 682% since Feb. 1. The Flow token, created by Dapper Labs (the company behind NBA Top Shot), rose 216% to a high of $37.73 on March 13. Rarible's RARI token skyrocketed more than 825% from $4.11 on Feb. 1 to a peak of $38.02 on March 15. Enjin (ENJ) gained over 640% to $2.61 over the same period.
NFTs Enter Pop Culture
“The word ‘NFT’ has officially entered the pop-cultural lexicon following digital artist Beeple’s historic sale of a non-fungible token at Christie’s,” Kaiko noted in a blog post on March 15. Non-fungible tokens serve various functions including governance, utility, and rewards, and they also act as a barometer for sentiment within the NFT industry. According to The Tie, media mentions of NFTs have surged more than 100 times over the past year.
The Bizarre Side: Fart NFT Sold for $85
The NFT mania may indeed border on the absurd. Eager to cash in on the craze, a 36-year-old Brooklyn man named Alex Ramírez-Mallis collected a year's worth of his and his friends' farts and compiled them into a 52-minute “Master Collection” audio file, as reported by the New York Post. The top bid for the audio file reached $183, while individual fart recordings are priced at 0.05 ether (approximately $85). One single fart has already been purchased by an anonymous buyer.
Global NFT Sales Exceed $449 Million
Since NFT sales began a few years ago, more than $449 million worth of NFTs have been sold worldwide, according to data from nonfungible.com. This figure comes from 5.41 million pieces traded at an average price of $82.97. The data underscores the growing appetite for digital scarcity and the speculative fervor surrounding NFTs.
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