You can’t move on Clubhouse for people talking about NFTs, the latest crypto craze set to disrupt the art world. So WTF are NFTs, and why should you care about them?
Last week, Sotherby’s CEO Charles Stewart was part of a 90-minute chat with CEOs, founders, crypto lovers and artists talking excitedly about NFTs (non-fungible tokens) – unique digital content represented as tokens – that are bringing cryptocurrency to the masses. There’s lots of speculation about how they might revolutionise the art world and how creators can use them to make money from their digital work. The general vibe is critical of the elite art world, and hopeful the crypto art revolution might change things.
NFTs first came onto the scene in 2017 when Dapper Labs’ game CryptoKitties dominated the Ethereum network, with people spending over $1 million buying virtual cats. A cool way for people to get started on the platform.
Lately, the NFT market has exploded, with the estimated value of crypto art at $182 milli…