The non-fungible token (NFT) industry is ravaging the world. Digital tokens have existed for a few years, but their popularity skyrocketed after artist Beeple’s piece, Everydays: The First 5000 Days, was sold for a staggering $69 million in March.
Fidenza #313 by artist Tyler Hobbs was the most recent big sale, selling for 1,000 ETH, or little over $3.3 million at the time of purchase. Surprisingly, the artwork was last sold for 0.58 ETH (about $1,400) on June 11, just a few days after it was minted on Opensea, giving the prior owner a huge return on investment.
Fidenza #313 is the most expensive NFT sold from Art Blocks collections to date, but it’s not the first Fidenza piece to have sold for more than $1 million in ETH. Three more Fidenza pieces have sold for seven figures each, according to CryptoSlam, all of which occurred recently.
NFTs use blockchain technology to create an official copy of digital media, allowing artists, singers, influencers, and sports teams to profit from digital goods that would otherwise be cheap or free.
They allow owners of digital art, collectibles, and a variety of other goods to trace ownership and are becoming increasingly popular as blockchain technology gains traction.