“My college friends were making fun of Nifty Gateway when we got started,” he said. Cock Foster said he had noticed new interest around the holidays. The Cock Foster brothers, now 26, continue to operate the company. The company sold for an undisclosed amount to Gemini, a cryptocurrency exchange founded by another pair of cryptocurrency-inclined identical twins, Tyler and Cameron Winklevoss, the next year. Griffin Cock Foster founded Nifty Gateway, a site for buying and selling NFTs, with his identical twin, Duncan, in 2018. He’s active in a WhatsApp chat called Chad Team 6, where a group of well-known D.J.s share crypto-investing tips. Blau is also a collector, and he has bought 25 pieces of digital art. “There’s this whole new culture of owning digitally native assets,” Mr. Parisella retain the copyright to their work, and even though it can be easily copied and shared, fans have been eager to collect the original, authentic versions. Last week, he announced plans to offer a full album as an NFT.Įven though Mr. They have sold more than $1.1 million worth of digital art and music, Mr. He and his art director, Mike Parisella, who goes by the name Slimesunday, began selling unreleased songs with exclusive visual effects. who goes by 3LAU, turned to NFTs after the pandemic halted his touring. And the start of the National Basketball Association season drew people to the league’s new digital trading cards. High-profile NFT releases from Deadmau5, the music producer, and Justin Roiland, the creator of the cartoon “Rick and Morty,” drew attention. As day trading has risen alongside the stock market in the pandemic, investors have looked for riskier and more esoteric places to make money, from sneakers and streetwear to wine and art.Īt the same time, soaring cryptocurrency prices meant more Bitcoin millionaires had money to burn. The market for NFTs began to pick up last year, with more than 222,000 people participating in $250 million worth of sales, quadrupling the volume in 2019, according to, which tracks the market. “A $200 pair of sneakers is, like, $5 in plastic,” Mr. They buy them for their aesthetics and design. But people don’t buy things like sneakers, art or baseball cards for the value of their materials, he and his partner, Ben Horowitz, explained. “A lot of people are cynical about this kind of thing,” said Marc Andreessen, a venture capital investor at Andreessen Horowitz, in a discussion on the social media app Clubhouse this month. And there is uncertainty over the stability of values, since many of the transactions are using cryptocurrencies, which have fluctuated wildly in worth over the last two years.īut true believers remind people that most big things in tech - from Facebook and Airbnb to the internet itself and mobile phones - often start out looking like toys. Many see it as a form of entertainment that mixes gambling, sports card collecting, investing and day trading.Įye-popping NFT sale prices have attracted some of the same confusion and derision that have long haunted the cryptocurrency world, which has struggled to find a good use for its technology beyond currency trading. Others are trying to make a quick buck as cryptocurrency prices surge. Some NFT buyers are collectors and fans who show off what they have bought on social media or screens around their homes. In 2018, 1.5 million people put over $40 million into the digital equivalent of Beanie Babies, CryptoKitties.The nascent market for these items reflects a notable, technologically savvy move by creators of digital content to connect financially with their audience and eliminate middlemen. Investors have gambled on digital products like Nyan Cat in the past. In December, the digital artist Beeple sold an NFT art collection for over $3.5 million. On Sunday, a group of 34 digital collectible pieces of art, called CryptoPunks, sold for over $1 million in ETH, according to CoinDesk. Nyan Cat is not the first crypto art to sell for a large sum of money. Torres is also in the process of selling another NFT on the site, this one depicts dogecoin - a meme cryptocurrency that took off in January. "I've seen many good artists get stuck in a bad platform or give away their rights before and I've always been adamant about making sure creators are properly acknowledged for their work." "Most NFT platforms allow the artist to retain their copyright and trademarked work, which I feel is huge for an artist because it lets them keep their creative rights," Torres told Insider. It often indicates a user profile.Ĭrypto art could allow creators to profit off memes Account icon An icon in the shape of a person's head and shoulders.
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