NFTs have apparently garnered extreme popularity over the course of the pandemic, as a tool to continue big spending. They can be anything from digital artworks to pieces of virtual land. Other examples include digital trading cards or the exclusive use of a cryptocurrency wallet name. Reuters compared the scramble for NFTs to the early-internet scramble for domain names.
Like anything that gains sudden popularity in the financial and virtual worlds, there is substantial risk involved. Similar to Crypto, the opportunity for fraud is big, especially because many active participants in the scene operate under pseudonyms. Even so, Christie's is getting in on the action with a sale of another Beeple digital art piece due to close on March 11.
Rodriguez-Fraile has stated that his Beeple video was worth the large sum because of the artist’s notoriety. Beeple has worked with a long list of notable clients including Eminem, Louis Vuitton, and Space X. A graphic designer from Charleston, South Carolina, the artist specializes in Creative Commons VJ loops, short films, and VR/AR work. He’s also an early adopter of the “everyday” movement in 3D graphics. Essentially, it involves starting, finishing, and sharing an image every day. He hasn’t missed a day in thirteen years.