NFTs driving boom in digital art sales offer crypto windfalls

SourceThe National
SectorFinancial Markets
CountryMiddle east

While digital art is having a moment after Beeple’s shocking $69 million sale of an NFT-backed piece last month, copycats hoping to cash in might want to focus on the tokens themselves instead of the collectibles. Since Everydays: the First 5,000 Days set its sales record, the prices of dozens of non-fungible tokens that track ownership and sales prices of digital art have surged – boosting the market almost 10-fold to $20 billion, according to crypto data tracker CoinMarketCap.com. That dwarfs even Bitcoin’s meteoric rise in the past few months. The surge is happening even as observers question whether NFTs, which are also ...read more...