The Nifty Gateway NFT token market has seen a new record after a digital artwork was sold for $55,555.
The Cryptograph platform and the digital art auction
Digital art and NFT tokens
We at CryptoTrend know that this can be a very confusing subject, especially if you are just starting out in this world.
Very briefly, an NFT token means a non-expendable token, and is basically a special token that represents something unique.
In this sense, tokens are not mutually interchangeable, and each token is different. So it is precisely that feature that makes them unique to collectible crypto and digital art.
Thus, today a large part of NFT tokens are used for the purpose of verifying the ownership of digital art. The reason is quite simple: digital items have been around for a long time, for example a Fortnite skin, with the problem that those items could disappear very easily.
So markets like Opensea, Nifty Gateway and Marketplace allow you to actually acquire digital items. And, those markets have seen a significant rise in the last few months.
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The growth that this market has had over the last few years is interesting, with a boom this year that is very significant.
In fact, Nifty’s statistics show that, during the last week, more than 14 thousand sales have been made.
However, it was on July 23rd when, the unique work of artist Trevor Jones ‚Picasso’s Bull‘ was sold for $55,555.55 to Pablo Rodriguez-Fraile of the Museum of Crypto Art (MOCA) at Nifty.
The news was published by Gemini’s blog, the Winklevoss brothers‘ crypto exchange, which supports Nifty. The transaction was described by the press release as „breaking all previous records for the sale of a digital artwork in the form of a non-expendable token“.
The statement also said that „a new medium in art has been established and is evolving before our eyes.
And, it appears, this is a record that may soon be set as Nifty plans to launch new digital art collections with major artists more frequently, according to the release.