An NFT that speaks up for the artists has made its point on the emerging digital landscape.
A piece of artwork — 100 individual pieces from 100 different artists – fetched $89,000, selling out almost immediately on NFT (non-fungible token) marketplace platform Rarible.
NFT curator “Loopify” told Cointelegraph the limitations for lesser-known artists to mint and sell their own NFTs has served as an inspiration for the art piece.
Other hurdles for the artists include high gas fees (premiums for placing their work on a platform), limited understanding of the tech and little visibility.
“The main idea behind it was that I chose a lot of artists and they had a huge barrier (minting fees),” Loopify said, “this allows them to pursue creating NFTs.”
On Wednesday, the Loopify account on Twitter (@Loopifyyy) wrote: “The Ultimate Artist Collaboration… crashed Rarible and then sold out in minutes”
Loopify originally listed 150 editions for 0.3 ETH (the cryptocurrency Ethereum translated to approximately $475) each early Wednesday. As of Thursday morning, the editions had risen in value by almost seven times, and are being exchanged for 2 ETH.
The most expensive edition listed early Thursday was 4 ETH by “Artist.” That’s more than 13 times the original price.
Loopify told Cointelegraph that the artists on the project include Vexx, whose YouTube channel has almost 3 million subscribers and a quarter of a billion views. The other artists have yet to be officially identified, though Loopify added:
“We do have a couple of big artists and one that is new to NFTs.”
In keeping with the idea of helping NFT artists, the money will be moved to stablecoin USDC before being distributed equally to the artists, who won’t have to pay gas fees or understand NFT technology.