HomeNFT GamesNFT-artwork creator explains why digital art could be crypto's next frontier

NFT-artwork creator explains why digital art could be crypto's next frontier

CNBC’s “Squawk Alley” team discusses what NFT art and why it may become a new digital asset class with artist Mike “Beeple” Winkelmann. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

The cryptocurrency world is abuzz with talk of digital collectibles, unique virtual tokens that can represent anything from art to sports memorabilia.

People have been paying hundreds of thousands of dollars for these NFTs, or non-fungible tokens. One investor, Sheldon Corey from Montreal, Canada, told CNBC he paid $20,000 for one of thousands of computer-generated avatars called CryptoPunks.

CryptoPunks isn’t a new phenomenon — it was released by developers Larva Labs in 2017. But it’s boomed in popularity lately, generating $45.2 million in sales volume in the last seven days alone according to the website NonFungible, and inspiring a broader “crypto art” movement.

CryptoKitties, one of the original NFTs, generated $433,454 in sales in the past week, according to NonFungible. The digital cats, which were developed by a start-up called Dapper Labs, were once so popular they clogged up the network of digital currency ether.

NBA Top Shot, a platform created by Dapper Labs in partnership with the basketball league, attracted $147.8 million in sales in the last seven days, according to NFT data tracker CryptoSlam. The service lets users buy and sell short clips showing match highlights from top basketball players.

The increased momentum for these tokens comes as bitcoin and other cryptocurrencies have rallied significantly in recent months, and at a time when people are spending more of their time indoors due to coronavirus restrictions.

What are NFTs?

NFTs are non-fungible tokens — meaning you couldn’t exchange one NFT for another — that run on a blockchain network, a digital ledger that records all transactions of cryptocurrencies like bitcoin.

The difference with bitcoin and other tokens, though, is that each NFT is unique and can’t be replicated. Each one accrues value independently. Crypto investors say NFTs derive their value from how scarce they are. They’re stored in digital wallets as collectors’ items. Beyond art and sports, people have also found uses for NFTs in virtual real estate and gaming.

Nadya Ivanova, chief operating officer of BNP Paribas-affiliated research firm L’Atelier, says collectible digital assets can be thought of as a better version of an MP3 file. Musicians have struggled to profit from their work in the digital age, and Ivanova says some are turning to NFTs to prove ownership of their work and find an additional source of revenue.

“It’s allowing content creators to actually own the property rights for what they create, which allows them to profit from it in different ways which they can’t do with physical art,” she told CNBC, adding that crypto art is the strongest growing subsection of the digital collectibles market.

The total value of NFT transactions tripled to $250 million last year, according to a study from NonFungible and L’Atelier. The number of digital wallets trading them almost doubled to over 222,179, while some traders were able to make profits of over $100,000.

“We’re seeing a new generation of traders within the NFT market; people who are digitally native looking for digital native asset classes outside of established asset markets,” Ivanova said. “These are people who have amassed reputation and wealth and want to invest it in purely virtual assets like NFTs.”

Ivanova says the NFT market has been maturing. Famed auction house Christie’s auctioned an NFT-based work of art created by Beeple, a well-known digital artist who has created videos and graphics for celebrities like Ariana Grande and Justin Bieber.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/

#CNBC
#CNBCTV

source

37 COMMENTS

  1. The crypto market has been unstable. People ask themselves now which coin to hodl better or if this is the right time to invest? before jumping to a conclusion I think you should take a look at things first. BTC price fall means analysts remain divided over whether it is entering a bear market or is just suffering a brief correction on the road to more record highs. Investors who bought early are still in profit despite the recent price crash and they also earn by trading. I'm still a hodler but still, I'm winning by applying the same method in every trade, you can also become a winner today. We should follow the way of earning more regardless of the current market (bulls or bears), which is trading. Buy the Dip and Trade…I have made over 18 BTC profits not just by buying the dip but by implementing trades with s! signals supplied by James Clifford. For inquiries on a profitable system, you can easily get to James on ͲҽӀҽցɾąʍ @Cryptowithjames

  2. The stock market was sharply lower in afternoon trading Tuesday as top-rated growth stocks sold off for the second straight session. IBM (IBM) was a bright spot in the Dow Jones today after reporting earnings, but Nike (NKE) lagged after Citigroup downgraded shares to neutral from buy and lowered Nike's price target to 140 from 160. The Nasdaq composite was down just over 1% and the Dow Jones lost 0.8%. The S&P 500 also fell 0.8%, weighed down by weakness in oil and gas stocks, as well as airline stocks like United Airlines (UAL) and American Airlines (AAL). Stock Analyst and strategist Ramesh Vijay said Today falling of stock is normal, HE said the stock has been soaring since last week and After a big move, you get a pause of breath and a bit of a reassessment,” Ramesh said As long as earnings meet what are very heightened expectations, the rally can keep going, But He warns Trader to be careful, and not to panic sell instead trade with a working strategy instead of panic selling, i will always advice my fellow traders to multiply the little they have with Rodrick's strategy, i was able to make $40,000 with $10,000 on Swing trade in 3 weeks with his stock trading strategy, reach him on WhatsApp+1(585)666-1331/rameshvijaytrading@gmail..com

  3. A question for anyone/everyone… I understand the ‘value’ of proof of ownership of an original. However, how does the blockchain/NFT proof of ownership outweigh, for example, an original oil painting of which there would be only one in existence? He mentions the Mona Lisa and correctly notes that anyone can have a photo of it but there is only one original… so if the Mona Lisa had been an NFT, as opposed to an oil painting, would it be more valuable than the oil painting in the Louvre?

  4. I think the pandemic has taught people a big lesson, having one stream of income is not really a good idea cause your job doesn't secure your financial needs. The pandemic has really set out business minded people from the rest that is why I'm so lucky to be among the investors trading with metro__kelvinfx on insta as his student it's been success and happiness since the beginning of my trades

  5. Step 1 – get rich
    Step 2 – make up something and call it an abbreviation so it looks like scientists made it….like ETP
    Step 3 – buy the imaginary ETP from yourself and put out press releases so the news talks about how this new thing is selling FAST! And it's the new THING!! doncha know? Pfft… U got no ETP? Later boomer…

    Step 4 – be rich. Laugh at da hoomans. Step 5 – Eat too much pie.

  6. What if you are not a popular/legendary digital artist? Can they command high price for their art? And is it a worth it investment even if you buy from a not so popular digital artist?

  7. Thanks For Deleting MY
    EZ TO UNDERSTAND
    Comment On Crypto, CNBC.

    What Are You Afraid Of❓
    Biden & His Gang
    Who DON’T WANT GOOD PEOPLE
    TO UNDERSTAND HOW EZ
    IT IS FOR CREATIVE PEOPLE
    TO BECOME WEALTHY❓

    & For All Here Who
    Would Like To Know,
    Plz See Ur Local TL
    Of WE THE PEOPLE’S ALLIANCE
    Of 🇺🇸&🌏.
    🙏
    💃🏽

  8. okay but no one Ive seen talk about NFTs have actually answered the question of how the Token on the Blockchain is actually associated with the piece of artwork. Like what is stopping the owner of an NFT from saying that it is actually proof of ownership for something other than what they originally bought it for? and like the one guy asked, what does "ownership" even mean in the context of NFTs if there are no normal legal rights associated with the NFT? This seems more like a pyramid scheme system fueled by blockchain hype being marketed to artists as a means to get paid with virtually no middleperson

  9. Dont u guys see whats going on… wake up… we live in a blockchain built reality and we are now creating another one slowly… its a dream within a dream… the last step is to be able to upload your consciousness onto a blockchain created world and over and over it goes

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Top Mining Graphics Card

AMD RX 580 Hashrate, Overclock and Mining Profitability

AMD RX 580 Hashrate can reach up to 32.59MH/s for mining Etherium ( ETH ) Based on Ethash Algorithm with 140 Watt power consumption. RX...

Latest news

CryptoMines

CryptoMines - Dự án GAME NFT Play-To-Earn tiềm năng đáng để đầu tư! MrCoin Group Telegram tín hiệu: https://bit.ly/2RTFOED Link Binance giảm 20% phí giao dịch trọn đời: https://www.binance.com/vi/register?ref=F8NINA82 Link FTX giảm 5% phí giao dịch: https://bit.ly/3mS01WT Link Coin98 Wallet: https://coin98.com (Mã giới thiệu: C98E5J231A) Ai chưa có tài khoản có thể đăng ký bằng…

LIVE Stock Market Trading Friday Show live with RPM

The YouTube channel is a free preview of behind the scenes of our trading community. To get the full benefit…

Solana (SOL) Range & Resolution Targets

***Krown Trading App*** https://app.krowntrading.net/ - Price Action, Market Data, Quant Data, Market Dynamics & More For Free. Discord (Krown's Crypto Cave) -https://discord.gg/hzKU7qe Twitter - https://twitter.com/KrownCryptoCave Instagram - https://instagram.com/EricRussellCrown Instagram - https://instagram.com/KrownCrypto TikTok @ krowncrypto The Krown Trading Store Is Here! https://merch.krowntrading.net/ Preferred Non- US Exchange ($3,600 Deposit Bonus and Reduced Fees) - https://phemex.com/a/cave *Please understand…

$16 Incoming? Over 1,000% In Gains

$16 Incoming? Over 1,000% In Gains | XRP Price Prediction | XRP Analysis & Update | XRP News Today Join our channel membership to get...

CARDANO Tiene Algo Que REVELAR

CARDANO Tiene Algo Que REVELAR | Criptomomeda ADA Suscribite a Kevin Fx: http://bit.ly/kevinfx-suscribirse ► Genera Ingresos Pasivos Con BLOCKFI: https://blockfi.mxuy67.net/c/2904776/684369/10568 ~~~~~~~~~~~~~~~~~~~~~~~~~~ PARA MIRAR DESPUÉS 10 RAZONES Para Comprar CARDANO | Criptomoneda ADA https://youtu.be/PuKv-4YTuDM CARDANO En Los Próximos 90 Días | Criptomoneda ADA https://youtu.be/R6ey4P-o0Zw CARDANO Nuevo Acuerdo Con CHINA | Criptomoneda ADA https://youtu.be/4kVGd9wv8qI ~~~~~~~~~~~~~~~~~~~~~~~~~~ ► Sígueme…

MoneyGram Partnering with Stellar and USDC for Blockchain-Based Products

"The Hash" hosts dig into today's top stories: MoneyGram partners with Stellar and USDC for blockchain-based payments. Tether holdings’ reserves reportedly include billions of...

Income Protection Insurance For Contractors And Tradies

Income Protection Insurance For Contractors And Tradies - Tradie Business Coaching #tradie #tradiebusinesscoaching #incomeprotectioninsurance To find out more Book A Call With Miles Today! Book A Call - https://businesssight.com.au/contact/ Have you got your insurances set up correctly in your tradie or builders business? Having the right insurance policies set up can be difficult to understand…

How To Transfer From Coinbase To Binance

Coinbase Referral Link (Earn $10 in Free Bitcoin): https://www.coinbase.com/join/scheer_26 Binance Signup Referral Link (Get Signup Bonus): https://accounts.binance.us/en/register?ref=57183508 Binance Referral ID Code: 57183508 Get Great Deals at Amazon Here: http://amzn.to/2FLu8Nw Hello, In This Video I Go Over How To Send Crypto From Coinbase To Binance and How To Transfer Your Crypto Bitcoin From Coinbase to Binance…

Massive $222 Million Bitcoin Buy Signal (Ethereum Supply Crisis)

In this video, we will discuss the price of Bitcoin, Ethereum, and the top altcoins. We'll take a look at the cryptocurrency markets and the latest crypto news. We’ll talk about a MASSIVE Bitcoin buy signal as well as address the Ethereum supply crisis. **NEW CRYPTO GIVEAWAY** We’re giving away 5 ETH when the Bitsquad…

IMPORTANT – MASSIVE SHIBA INU COIN UPDATE

SHIBA Inu is on the rise as the cryptocurrency Will Shiba Inu's price rise? For Shiba in particular, there's has been a fair share of volatility this year despite the surge in the past month.. #SHIBA #SHIBINU How to buy Smartviewai.com subscription ► Full Process https://youtu.be/g0UW_EEfHSw ► Website https://SmartViewAi.com Be smart trader with smartviewai.com ️…

POLYGON PRICE PREDICTION 2021MATIC HITS PROFIT TARGET!

POLYGON PRICE PREDICTION 2021MATIC HITS PROFIT TARGET! - CAN WE HOLD THESE LEVELS!? - TARGETS Amazing Discord community! - https://www.patreon.com/investingwithjaxx $600 BONUS leverage trading on ByBit - https://partner.bybit.com/b/jaxx Sign up for the fastest growing crypto app and receive 25USD! - https://crypto.com/app/iwjcrypto Leverage trading tutorial - https://www.youtube.com/watch?v=0ivSVhUdOJU Donations :) - https://www.paypal.com/donate?hosted_button_id=3QA8DUL6SPN6L ​ Let's Connect: Instagram -…

Dogecoin Elon Musk News Today ! Dogecoin Price Prediction !

Dogecoin Elon Musk News Today ! Dogecoin Price Prediction ! Dogecoin #dogecoin#wazirx #doge#dogenews Telegram channel link https://t.me/+i-_IIHRhNr43Mjg1 https://t.me/+i-_IIHRhNr43Mjg1 https://t.me/+i-_IIHRhNr43Mjg1 wazirx app link https://wazirx.com/invite/fmbdmfrh wazirx referral code (fmbdmfrh) #dogecoin #dogecoinnewstoday #dogecoinpriceprediction #dogecoin2021 #dogecoinnews2021 #dogecoincryptocurrency #AvinavRoy #wazirx #dogecoinnewupdate #dogecoinnewstoday2021 #dogecoinlive #dogecoinlatestupdate #elonmusk #digecoinupdate Queries dogecoin price prediction in inr dogecoin price prediction 2025 in india dogecoin price…

RTX 2060 SUPER ETH HASHRATE

RTX 2060 SUPER ETH HASHRATE. https://github.com/trexminer/T-Rex/releases - trex miner Последвайте ни и във фейсбук: https://www.facebook.com/iPavelIvanov Source

Cryptomines – How to play

#farmersworld #farmverse #blockchaingame Cryptomines - How to play - Summary in Hindi https://jucci0007.github.io/cm-lookup-table/ Contact me on : - Discord - https://discord.gg/2r2VactnkQ Instagram - https://www.instagram.com/kryptogamerindia/ Email Address - kryptogamer2021@gmail.com Exchanges : - Binance - https://accounts.binance.com/en/register?ref=NHALVY2U Wazirx - https://wazirx.com/invite/rb456 GATE IO - https://www.gate.io/signup/5738224 Kucoin - https://www.kucoin.com/ucenter/signup?rcode=r38SVBW Official Site - https://farmersworld.io/ Main Links Related Games - 1) Alcor…

《 LIVE 》X-R-P Crypto Live Stream X-R-P Ripple News and

Don't miss the history. This Crypto Live Stream is Now Highlighting Ripple XRP Movement. XRP Ripple Non Stop Ripple XRP…

SolChicks #1 Solana Games

Join our amazing Discord Community http://discord.Action.CEO/ If you're looking for the next play to earn crypto, look no further! Gaming Crypto coins have been taking off especially when you look at Solana NFT and Solana Gaming. The Crypto ICO for the Solchicks coin starts now. The lucky people who got into the SolChicks Presale must…

XRP Price Prediction

XRP Price Prediction - Ripple Technical Analysis 23rd September 2021 FREE BITCOIN https://www.coinspot.com.au/join/REF69BZ2A BUY CRYPTO NOW ️ https://www.coinspot.com.au?affiliate=HN6B7 TWITTER: https://www.twitter.com/_therealrjp ⏰ TIKTOK: https://www.tiktok.com/@ryanprovan INSTAGRAM: https://www.instagram.com/therealrjp ️...

REVEALED Elon Musk SECRETLY Preparing to Invest in Cardano ADA

REVEALED Elon Musk SECRETLY Preparing to Invest in Cardano ADA Cardano is a blockchain network that is available to people in general. It's decentralized and open-source, with a consensus came to by proof of stake. With its Cryptocurrency ADA, it can permit peer-to-peer transactions. Charles Hoskinson, a co-founder of Ethereum, established Cardano in 2015. Cardano,…

Ripple to $589 with xRapid Launch

Why is Ripple up 20% today? Ripple (XRP) to Hit $589 before the End of the Year: Bearableguy123 Prediction. Another Ripple Lawsuit...
x