Currently, the most common application of NFT is in art. With the help of this token it is possible to digitalize paintings, music, videos. Such NFTs are sold on marketplaces (OpenSea, Nifty Gateway, Rarible, Axie Infinity, Binance NFT, etc.) and receive large royalties for them.
The latest glaring example is the burning of $10 million worth of physical paintings by Britain’s richest artist, Damien Hirst. Last year he created a collection called “Currency” which consists of 10k paintings, minted NFTs based on this collection and sold them.
The average value of NFT after the sale amounted to about $2 thousand. In total, the artist’s income from this action amounted to $20 million. NFT were sold with the condition that the buyer has the right within a year to contact the artist and get a painting on canvas.
At the end of the year, a little more than half of the paintings from the 10,000-piece collection were claimed, the other paintings were burned by the artist, broadcasting live that only a digital copy of the artwork remained.Burning of paintings by Damien Hirst.
The artist himself commented, “A lot of people think I’m burning millions of dollars worth of artwork, but I’m not, I’m completing the transformation of these physical works of art into NFT by burning the physical versions.”
Musicians are increasingly selling their musical compositions as NFTs. In doing so, royalties (payments for the use of an asset) are built into the token.
Right now, for example, you can buy Anthony Hopkins’ NFT on the OpenSea marketplace. The collection consists of 1,000 non-interchangeable tokens called “Eternal”. The vast majority of the paintings in his collection are depictions of characters he has played during his long acting career.
