Page 107 - Ocean Blue World 28th Edition
P. 107

 By Kristofer Dayne Penseyres
On March 11, 2021, Christie's sold a non-fungible token (NFT) “EVERYDAYS: THE FIRST 5000 DAYS” by digital artist Beeple for a record-breaking $69 million, offering public validation of a megatrend transforming the art industry.
Blockchain technology has revolutionized the digital space. Smart contracts like those offered by Ethereum, for example, allow an artist to bind their artwork to a self-executing contract that generates royalties in perpetuity in both retail and secondary markets. This allows for continuous revenues from one piece of art, better distribution and transparency on sales figures.
The NFT collectible market has been a hotspot for seed investments. Dapper Labs, the company behind NBA Top Shots and CryptoKitties, raised a staggering $305 million in funding and was valued at $7.6 billion in July 2021.
Some of the world’s most influential companies are jumping on this opportunity. Visa announced its plans to support creators and collectors in August 2021 by revealing that they were now the owners of a “CryptoPunk” NFT. LVMH, in collaboration with Prada and Cartier, launched the "Aura Consortium" in April, a luxury blockchain solution that provides access to product history, digital certification
and protection against counterfeits.
Blockchain is the biggest technological revolution since the dot com era, with transferable values extending to every industry looking for controlled
distribution, transparency and security.
   Photos Courtesy Of: Christies, NBA, Aura Consortium |107

   105   106   107   108   109