Since our last blog post, a lot has happened in the world of cryptocurrency and NFT's.
If you follow us on Instagram (@lindseyjporter) you may have seen our NFT tutorial video (below) explaining the history and process of collecting digital art, including how to get started and our personal recommendations for the best tools to use.
While Bitcoin and Ethereum (ETH) have both taken a big dip recently, NFT sales have remained relatively unchanged. In fact, many savvy collectors are viewing this period as a time to buy low and sell high. For instance, an NFT listed for 1 ETH today would be about $2,500; however, two months ago 1 ETH was almost $5,000. Unlike stocks, NFTs are assets in and of themselves with subjective values that reflect the popularity and prestige of the artist. So, buying the right NFT from the right artist during a time when the price of Ethereum is down can pay out big when the price of Ethereum increases, the NFT artist gains momentum, or both.
In our previous blog post titled, "NFT: A New, Exciting Frontier," we introduced Lindsey's first collection of NFTs on OpenSea called, Battle Men. At the time, our expectations were low and our knowledge of the process was limited. However, since that time, we have sold three of the four pieces in the collection within the last two months.
Battle Man #001, originally listed for .16 ETH, sold to OpenSea user 77C43B (view here).
Battle Man #002 and Battle Man #004 were sold to OpenSea user BILLYLAW31.
Battle Man #002 was originally listed for .13 ETH and is now listed by its new owner for 30 ETH (view here).
Battle Man #004 was sold for .15 ETH and is now listed by its new owner for 29 ETH (view here).
Currently, Battle Man #003 is the only available piece in Lindsey's collection and is listed at 2 ETH (view here).
Another exciting piece of the NFT equation is that the original artist continues to collect a 10% profit from any additional sales of their art. For example, if BILLYLAW31, the current owner of Battle Man #002 and #004, sells one of these pieces for 30 ETH ( ~ $75,000), Lindsey will collect a $7,500 profit from the sale.
Exciting innovations like this are not only forging a path to allow artists more autonomy in their art sales, but are also creating alluring avenues for collaborations between digital and traditional artists.
To stay up to date on new Battle Men or additional collections from our studio, follow Lindsey on Instagram, Twitter, or subscribe to our mailing list.