XCOPY sold 7,394 NFTs in 10 minutes for $23 million
In the crypto market, NFT is still a popular topic of discussion. Some believe it is no longer relevant, but rapid advancements prove otherwise. Following the phenomenal rise of NFT in early 2021, various blockchain-based gaming firms began competing for a piece of the new market, attracting more and more customers. Modern art has become particularly compatible with digitalization and blockchain, highlighting and increasing modernity. So, this article illustrates how pricey some NFTs are.
Who is XCOPY?
The artist XCOPY is well-known in the crypto and cultural community. His artworks are frequently sold for millions of dollars. The recently launched NFT funded by Nifty Gateway has helped him break new ground. In general, XCOPY mainly sells his work in private sales to avid crypto collectors, but it doesn’t stop him from generating millions of dollars. Then, during the open sale launched by the Nifty Gateway platform on 18 March, each NFT from the XCOPY collection was sold in less than 10 minutes. In total, the revenue is over $23 million with 7,394 NFTs sold. The cost of each item was roughly $3,000.
The artist’s unique selling point is that he makes several copies of a single token. His cartoons are always about NFT culture or making fun of celebs. Right Click and Save As Guy and All-Time High in the City are two of his works. As the NFT market increases, the value of these and other works rises. Artist XCOPY is ranked as one of the 15 most famous artists in the crypto sector, and one of his paintings sold for $7 million last December.
What does NFT mean for art?
A Non-Fungible Token, or NFT, is a distinct virtual digital unit in a blockchain network. Each token is simply the digital equivalent of a certificate of authenticity. NFT enables users to demonstrate the authenticity and one-of-a-kindness of digital creation. This is why, in the art world, where the issue of originality has always been significant, technology has become so vital. Collectors have taken an interest in digital art after artists working in traditional mediums. Earlier this year, the market enjoyed a significant uptick.
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Valentyna Bereza, Team bit4you.