Grimes sold digital art in NFT form for $ 6 million

Grimes is the latest artist to participate in the NFT Gold Rush, selling around $ 6 million worth of digital artwork after auctioning it off yesterday.

A 10-piece series – some unique, others in the thousands – went on sale on Nifty Gateway on February 28. The best-selling piece was a one-of-a-kind video titled “Death of the Old” which involves flying cherubs, a cross, a sword and a glowing light on an original Grimes song. The winning bidder won for almost $ 389,000.

The bulk of sales came from two pieces with thousands of copies available that sold for $ 7,500 each. The works, titled “Earth” and “Mars,” are both short videos featuring their titular planet with a giant cherub above holding a weapon, also to original music. Almost 700 copies were sold for a total of $ 5.18 million before sales closed.

If you are totally in awe of what’s going on here, welcome to the party. After slowly gaining popularity over the past few months, NFTs have exploded over the past week as a hot new technology. The technology – which stands for “non-fungible token” – allows buyers to purchase ownership of a digital asset, typically an image, animation or video, in the form of a single digital token living on a blockchain.

NFTs allow buyers to support artists, but they also give buyers a few things in return. Buyers might not be able to hang these digital pieces on their wall, but they might get the bragging rights that they bought a famous work like Nyan Cat or something from a popular artist like Grimes. NFTs are also a speculative asset, and many markets have emerged that offer the opportunity to resell them – theoretically for much more, as long as the hype around NFTs continues.

Grimes is not the only artist to have already established himself on the NFTs. Digital artist Beeple sold $ 3.5 million worth of artwork through Nifty Gateway last year. The artist behind Nyan Cat won around $ 600,000. And electronic musician 3LAU is said to have made more than $ 11 million from album sales and digital merchandise this weekend.

Nifty Gateway said an undisclosed percentage of Grimes sales will go to Carbon180, a nonprofit focused on removing carbon from the atmosphere. Donations may be aimed at solving one of the major problems NFTs share with other blockchain technologies – they are extremely inefficient in their use of electricity.

Each of the works is part of Grimes’ “WarNymph” collection, produced in collaboration with his brother Mac Boucher. Grimes debuted in War Nymph in 2019 and initially used the slash “digital persona” “alternate psyche” to promote her album. Miss Anthropocene. War Nymph’s appearance changed over time, transforming into the vaguely demonic winged baby seen in these NFTs last January, shortly before she confirmed her pregnancy.

Correction March 1, 11:15 p.m. ET: Yesterday was February 28, not November 28, as this article is very clearly inaccurate.

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