Sotheby’s has already sold NFTs for millions of dollars. The ubiquitous digital object is linked to pieces of art or other items. Stewart says the art world crosses boundaries. There is curiosity in all directions on the sidelines of the Mobile World Congress in Barcelona.
Views on NFTs Vary Wildly
Many young tech investors have taken to it. But, many do not understand it. Some have taken it to a whole new level. Cartoons Bored Ape Yacht Club and CryptoPunk have been viewed 10,000 times. The reason for NFT art is very variable, with alterations sourced from algorithms.
Occasionally they are mistreated due to their inconsistent graphics, or a tacky animation style. Sotheby’s has already sold CryptoPunk’s and Bored Apes for millions. Stewart says the market could be $40 or $50 billion this year.
The traditional art market raised some $50 billion total last year, he says. A year ago we all heard about NFTs, and you have seen an explosion in interest. But Stephen states that there is more to the NFT trade than hard cash. We are not paying attention to it as much as any dollar or euro amount, he says.
There is nothing concerning whether the rates rise or fall. If new creators are joining NFTs and crypto Metaverse that’s an important trend that we’re going to invest behind.