Decentralized Finance (DeFi) enables many possibilities, one of them being the sale of unique digital artwork in the form of non-fungible tokens (NFTs).
It seems that Mark Cuban wants a piece of this digital pie. He has just launched his first set of NFTs on Rarible for fans or haters alike to purchase. DeFi has been sweeping the cryptocurrency world, rapidly increasing in growth. It currently has over $25 billion in Total Value Locked (TVL).
Titled ‘The RollUp 2021,’ the NFT artwork features a GIF of Cuban showing off his stellar dance moves while wearing a Dallas Mavericks tank top. He has a majority ownership in the NBA team.
Posted for auction yesterday 27 Jan 2020, the art sold out and is now being offered for close to $10,000 a piece. The current highest bid for one of the nine NFTs is 7.3 WETH, currently worth around $9,400.
This Isn’t Cuban’s First Entrance
Cuban has always been a fan of cryptocurrencies and blockchain technology. He has invested in various blockchain-based companies, even going as far as to accept crypto for Dallas Mavericks fans.
Cuban has always been an innovator, amassing wealth during the internet boom, and sees a similar trajectory for the blockchain industry. Cuban has continued to make public statements on what he sees as the massive potential that blockchain technologies can enable.
What are NFTs?
Non-fungible tokens are unique and digitally verifiable tokens that cannot be freely swapped between one another. Unlike cryptocurrencies such as bitcoin (btc) or ethereum (eth) where 1 btc always equals 1 btc, this doesn’t apply to NFTs.
Mainly built on ethereum using the ERC-721 token standard, NFTs allow fields such as art and gaming to differentiate their products to end customers.
NFTs have become particularly popular in the digital art world, allowing artists for the first time to release limited digital editions of their pieces. This has led to a surge in digital and NFT-based art marketplaces like Rarible, which facilitate transactions between creators and users.
Cuban isn’t the only big name creating his own set of NFTs, however. Famous digital artist Beeple created an NFT collection of his daily work in 2020 that sold for close to $1 million.
This is just the beginning of the digital art space, and it’s likely to continue growing when influential names like Mark Cuban get involved.
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