
What Are NFTs, and How Are They Transforming Digital Art?
Discover the fascinating universe of NFTs, how they benefit the art world, the risks they pose, and why people are concerned about their environmental impact NFTs have taken the creative world by storm in recent weeks and prompted many questions. To fully get our head around this new technology, we need to put the current conversation into context. In February this year, the Nyan Cat meme sold for $600,000. On March 1, visual artist and musician Grimes sold some videos for $6 million. And on March 11, a single jpeg file sold for $69 million. Aside from receiving a lot of attention over recent weeks, the creator of this jpeg–digital artist Mike Winkelmann, best known as Beeple–has become a record holder: 'Everydays: The First 5000 Days' is the third most expensive artwork to be sold by a living artist. What do all of these works have in common? Well, they don't exist in the physical world and have conquered the mainstream.