This article was translated from our US edition using AI technologies. Errors may exist due to this process.
The last few years have not been easy for anyone. The confinement derived from the Covid19 pandemic turned our world upside down and many sectors were seriously affected, including graphic artists who depended on people visiting galleries and art exhibitions to be able to show and sell their work. . Cam Rackam is one of these artists, a 42-year-old man who, in his desperation to generate income, made the decision to try his luck in the world of digital art and create NFT’s (non-fungible tokens, that is, cryptographic assets that represent something unique).
In an interview Rackam gave to CNBC, he confessed that he had had some success selling his works in the physical world, including a painting and a sculpture for $ 11,000. Although Cam had heard success stories of other artists creating NFT’s, he was completely oblivious to that world. Once he decided to undertake in the world of digital art, he looked for accounts with which he could collaborate creating unique pieces and came into contact with Wall Street Memes, an Instagram profile with more than 100 thousand followers and dedicated to posting memes, and offered them to create a series of iterations inspired by the famous Wall Street bull. The result? The sale of the collection of 10,000 pieces in just 31 minutes for a value of 660 Ethereums or $ 1.7 million dollars (Rackam kept more than $ 738 thousand dollars!).
NFT’S AS AN OPTION TO MAKE A LIVING
Cam Rackham is not alone.
There are many artists who have found a way to spread their work and earn money in the digital market. Although it can be complex to understand, the key and the value of NFTs lies in the digital certificates that allow the authenticity of a work to be proven . The sales of these digital assets are recorded in block chains or blockchains that contain information about the ownership of the piece and the history of prices and transactions linked to them. What characterizes the NFT’s is that they are unique, indivisible, transferable and it can also be shown that they are scarce. To create an NFT it is necessary to “mint” it, that is, convert it into a digital asset on the blockchain which can be done in some NFT Marketplace OpenSea, Nifty Gateway and Rarible.
And while the 660 Ethereums earned by Cam Rackam’s work is impressive, it does not compare to the more than $ 69 million raised by Beeple’s work, Everydays: The First 5,000 Days , the NFT with the highest value so far.
Graphic artists already know: NFT’s offer great possibilities.