NFTs paint bright future for artists, blockchain tech

On Sept. 23, auction-house giant Christie’s announced plans to sell its first nonfungible token, or NFT, at an auction. This was just one week after the record-setting $100,000 sale at auction of a digital art piece that also used a blockchain-based token to vest the collector’s new ownership rights.

Meanwhile, Anthony Pompliano, Morgan Creek Digital co-founder and partner, wrote on Sept. 21: “I personally believe that the digital art market cap will grow to become larger than the physical art market cap. This may sound ridiculous today.” 

Clearly, the digital art market is heating up. Duncan Cock Foster, co-founder at digital gallery Nifty Gateway, told Cointelegraph: “The digital art movement is growing at an incredibly rapid pace. The amount of growth we are seeing has surprised everyone involved I think.” 

Much of this can probably be attributed to the coronavirus pandemic that has curtailed travel and shut down art museums.

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