FORT LAUDERDALE, Fla.,
April 29, 2021 /PRNewswire-PRWeb/ --
Last month, Non-Fungible Tokens (NFTs) experienced a rapid rise in
popularity after digital artist Mike Winkelmann—also known as
Beeple—sold their work for $69
Million at a Christie's auction. Many were stunned to hear a
digital asset of this type receive such an enormous valuation, and
even more were left with questions about what an NFT actually is.
As leaders in analyzing digital trends to leverage online marketing
for businesses, Exults wanted to provide an overview of NFTs and
why consumers will see them all over the web for years to come.
As culture around the world continues to shift into digital
mediums, so too do the works that represent and reflect that
culture. Alternative asset classes have already started taking
shape online over the past decade in the forms of cryptocurrencies.
While art previously only held value in physical forms such as
paintings and sculptures, the rise of creation in the digital space
has led to a demand for housing valuable art in a virtual
format.
NFTs fulfil that demand by providing asset ownership that
records on a blockchain, usually that of Ethereum. The blockchain
works as a permanent and public ledger that verifies transaction
and ownership of the NFT for a given user. This is where the
"non-fungible" portion of the NFT name applies, as it communicates
the uniqueness and irreplaceability of each token.
Though the file itself may be replicable, and may already exist
in other forms across the Internet, the ownership of the original
asset is where the current value with NFTs rests. Prior to the
$69 million sale in June, the
previous highest price for any NFT asset was $6.6 million for another artwork from Beeple.
That immediate tenfold increase in the highest valuation for one
item in an asset class speaks to the market potential for this
medium among art collectors.
The Christie's auction where the record NFT sale occurred was
notable for its attendants as well as its results. The auction
house relayed afterwards that 91% of its bidders were new clients,
nearly two-thirds were of millennial age or younger, and the
majority were from the United
States. The sale of Beeple's work—entitled "The First 5,000
Days"—vaulted them into the top three artists around the world
according to sold value.
"NFTs are here to stay, and not just for art collectors," said
Zach Hoffman, CEO of Exults Digital
Marketing. "The idea and desirability of virtual ownership are both
still in their infancy. Soon, businesses will begin leveraging this
concept to increase appreciation, trust, and value for their
clients. Many forward-thinking companies already have."
Indeed, several major organizations have already ventured into
repurposing their assets into NFTs. The New
York Times sells articles valued at over half a million
dollars, while Nike has explored a sneaker authentication system
via NFTs that it affectionately calls CryptoKicks. Influencers
across social media and other online platforms have also started
offering personal NFTs as another channel for selling
merchandise.
NFTs will continue to permeate the business landscape as digital
trends continue to shape the development of nearly every industry.
If you need help utilizing these trends, a website, or the Internet
generally to grow your business, Exults' digital marketing experts
are ready to assist. Exults keeps your business ahead of the
competition with a full range of Internet marketing services that
will help your company thrive in the online ecosystem and generate
results.
More About Exults Digital Marketing
Exults is a full-service Internet marketing company that is
results driven. Offering a complete assortment of Internet
marketing services to reach its clients' goals, Exults premier
services include:
- Digital Branding
- Website Design and Development
- eCommerce platform development and management
- Search Engine Optimization
- Pay Per Click Management
- Social Media Marketing
- Digital PR
If you are interested in rebranding your company for the digital
business world to spark meaningful engagement and online sales,
contact Exults. For more information, please visit the Exults
website (https://www.exults.com/) or call 866-999-4736.
Media Contact
George Eisner, Exults,
866-999-4736, george.eisner@exults.com
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SOURCE Exults