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Non-fungible tokens coming soon
What are NFTS?
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units are usually associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin and Ethereum. The advent of NFTs have created a new medium for artists and creators to showcase their creations or collections. In turn, this revolution is paving the way for artists to create and monetise their work while collectors have full transparency into the authenticity and provenance into their purchases as NFT ledgers provide a public and irrefutable certificate of authenticity and proof of ownership.
History of NFTs
The history of NFTs and the man who first created one, Kevin McCoy, began on May 3rd, 2014. He minted his non-fungible token “Quantum," way before the crypto art market exploded. Quantum is a pixelated image of an octagon filled with denoting circles, arcs or other shapes which share the same centre, with larger shapes surrounding smaller ones and hypnotically pulsing in fluorescent hues. A piece whose value is estimated at a stagger seven million dollars.
In 2014 - 2016 a significant amount of development and experimentation had taken place in platforms built on top of the Bitcoin blockchain. It was the start of Ethereum’s initial reign over NFTs. It was never intended to act as a database for these alternative tokens. Many Bitcoin users didn’t like the idea of filling precious block space with tokens that represented ownership of images. That was the beginning of the shift for NFTs to the Ethereum blockchain.
With the introduction of the Ethereum blockchain in 2014 and its platform going live July 30, 2015, a new age for the NFTs began. The Ethereum blockchain introduced a set of token standards that allowed the creation of tokens by developers. In brief, the token standard is the subsidiary of the smart contract standard. For the blockchain that supports the smart contracts, the token standard is often included to tell people how to create, issue and deploy new tokens, which are based on their underlying blockchain.
Why buy NFTs?
Like all high performance collectables and assets, it is the high demand and limited supply which has pushed NFTs and their prices to new heights. With mainstream artists now creating digital content, digital content creators becoming mainstream artists and record prices fetching increased media attention, NFTs represent one of the fastest growing collectables or asset classes ever.
Bath Spa Capital offers works by some of the most popular artists and studios including Beeple, Larva Lab's CryptoPunks and Yam Karkai's World of Women to name a few. We offer these tokens at competitive prices and they are transferable straight to your wallet of choice thus eliminating the transaction fees incurred via auction.
World Record Prices
Acclaimed digital artist Mike Winklemann, better known as Beeple, created a record when his single piece artwork titled Everydays – The First 5000 Days sold for USD 69.3 million at a Christie’s auction on 11 March 2021. Therefore, it is the most expensive NFT sale recorded for an artwork by Beeple.
The artwork is so named because it is a collage of 5,000 individual images made one per day over more than thirteen years from 2007 to 2020 by Beeple.
It was the first purely digital NFT-based artwork offered by a major auction house. Following the sale, Christie’s said Beeple now ranked among the “top three most valuable living artists.
”Its buyer, MetaKovan, later revealed as crypto investor Vignesh Sundaresan, called it “a steal” while talking to The New York Times.
The costliest single-piece NFT artwork, Everydays – The First 5000 Days, is credited by many as the sale that started the NFT boom through 2021.
