Blockchain artist Pak has become the first crypto art millionaire: The sales of his Ethereum-based artwork in total exceeded one million dollars, which made an industry record.
According to CryptoArt’s data, 272 of Pak’s artworks on various NFT marketplaces have been sold to date for 1,898.358 ETH (worth about $1,067,655.60) combined. No creator has more success selling their work on Ethereum than Pak.
Pak is admired for his dedication to the creation of inspiring, incredible, surreal, and beautiful artwork. You can buy or bid on his artwork on platforms such as SuperRare.
SuperRare’s daily volume reached a peak on Dec 7 at $76.67K.
There’s another big deal in the NFT sector happened on Nifty Gateway.
An NFT in the form of an animated bull just sold for $19,500, which is 26X of its original asking price. And the seller, previous pro baseball player Micah Johnson, purchased the work for just $750 in July.
This NFT is named Picasso's Bull (Silver), created by Trevor Jones, an Edinburgh-based NFT artist and painter.
Actually, 2020 has witnessed the NFT marketplace to blow up. We’ve introduced an impressive $17,000 auction of Paris Hilton’s first NFT work. These are all epitomes of the market boom.
Data tracked by dapp.com shows that the 24h volume in NFT marketplaces has a 312% increase.
And the 30d volume even can be described as a rocket with a 2K% rapid growth.
Through all the $-related surface, what we see is a revolution. When art is combined with crypto assets, it creates so many possibilities for the entire art industry.
Due to the nature of NFTs, this kind of artwork is non-fungible, 100% authentic and totally under the control of its owner. The features solve the most essential problems for art collectors. So art auctions and collections can safely take place on the blockchain, in turn bringing more collectors and capital. For artists, they will no more worry about being cheated or copied, as all the data are tracked on chain. The technology and art industry complement each other.
It also introduces more innovative ways for decentralized finance, which will generate more interest for both investors and artists. If you’ve checked those DeFi-powered NFT projects, you’ll find that NFT could combine with yield farming, blockchain insurance, and even crypto lending protocols.
With the appearance of the first crypto art millionaire, the future scale of NFT market is far beyond our imagination.