NFTs have been around since 2014 but came into prominence when a digital image sold for $69.3 million earlier this year at Christie’s Auction House. That is certainly an attention grabber but not a complete outlier, as the entire NFT market has been on a roll during the past few years. In 2020, the market totaled $250 million, up a whopping 299 percent from the previous year. During the first six months of this year, the market soared to $2.5 billion.
What does this mean for the rest of the art market, and why should a traditional artist or collector care about NFTs? I am going to try to answer that for you.
Opening the Medicine Bundle
Color of Africa
Calling the Buffalo