This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
The past few years have not been easy for anyone. The confinement derived from the Covid19 pandemic has turned our world upside down and many sectors have been seriously affected, including graphic designers who depended on visitors to galleries and art exhibitions to be able to show and sell their work. . Cam Rackam is one such artist, a 42-year-old man who, in his desperation to generate income, made the decision to try your luck in the world of digital art and create NFTs (non-fungible tokens, i.e. crypto assets that represent something unique).
In an interview given by Rackam to CNBC , he confessed to successfully 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 NFTs, he was completely oblivious to this world. Once he decided to commit to the world of digital art, he looked for accounts he could collaborate with to create one-of-a-kind pieces and got in touch with Wall Street Memes , an Instagram profile with over 100,000 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 Ethereum or $1.7 million (Rackam kept over $738,000!).
NFT AS AN OPTION FOR EARNING A LIVING
Cam Rackham is not alone.
Many artists have found a way to spread their work and make money in the digital market. Although it can be complex to grasp, the key and the value of NFTs lies in the digital certificates to prove the authenticity of a work . Sales of these digital assets are recorded in blockchains or block chains which contain information about the ownership of the coin and the history of prices and transactions related to it. What characterizes NFTs is that they are unique, indivisible, transferable and can also be shown to be rare. To create an NFT, it is necessary to “monetize” it, i.e. convert it into a digital asset on the block chain what can be done in some NFT Marketplace OpenSea , Clever Gateway and Rare .
And while the 660 Ethereums earned by Cam Rackam’s work is impressive, it doesn’t compare to the over $69 million raised by Beeple’s work, Daily: first 5,000 days , the NFT with the highest value so far.
Graphic designers already know this: NFTs offer great possibilities.