Behind the HYPE: How NFTs Altered Creative Expression, Collectibles and Community in the Digital World
Tracking the technology’s expansion from the blockchain into art, streetwear and other areas of culture.
With record-breaking sales of NFTs like Beeple’s Everydays – The First 5000 Days, a digital artwork that sold for $69 million USD at auction, non-fungible tokens have skyrocketed in not only popularity but also value. Taking the form of images, animations or renderings of sneakers and streetwear, NFTs offer new possibilities for establishing digital ownership, sharing creative expression and building online communities. In our latest episode of Behind the HYPE, we’re tracking the infiltration of NFTs into important areas of culture and their potential impact on the future of creative expression.
NFTs, or non-fungible tokens, represent unique digital assets stored on a blockchain. They’re one-of-a-kind items with the potential to be extremely rare and desirable, and their decentralized nature makes it easier for non-traditional artists and collectors to get involved. People can discover interesting NFTs to buy and own, and like-minded communities to participate in. Functioning as digital vessels for cultural expression, brands like adidas and Nike have started their own collections; artists like Nas have transformed songs’ streaming royalties into NFT tokens; and celebrities like Jay-Z, Grimes and Snoop Dogg hold rare NFTs.
While the concept of NFTs has existed for nearly a decade, the technology found its way into mainstream media in 2020 and 2021 as more attention was shifted towards online life. In 2017, CryptoPunks, an NFT collection by Larva Labs, was launched for free before drastically increasing in value; CryptoPunk 3100 recently sold for $7.58 million USD, making it one of the most valuable NFTs to ever exist. Topping sales charts, Bored Ape Yacht Club is another buzzy collection that has recently landed a digital Rolling Stones cover. With members-only perks like exclusive chats and NFT drops, and access to live events and physical merch, the BAYC collection has attracted collectors like Future, DJ Khaled and other celebrities.
While NFTs offer a new way to connect with audiences in virtual environments, independent creators are drawn to their ability to add control over digital works. By ensuring that royalties are tied to an individual’s work, NFTs allow creators to find autonomy and success in online markets and communities. As more NFTs are traded and collected, the number of sites and marketplaces is growing — the NFL and NBA have their own trading platforms and Coinbase currently has a waitlist for its upcoming NFT platform. The future of the metaverse and web3.0 is still being charted, but similar to communities built around streetwear, art or collectibles, the NFT community will continue to grow as the medium evolves.
For the latest product news about Coinbase’s NFT platform and to sign up for the waitlist, head to the brand’s website.
