While decentralized finance (DeFi)Ā has grabbed most of the recent headlines, the non-fungible token (NFT) market has quietly picked up steam over the summer.Ā
According to a Sept. 16 report from crypto asset data website Messari, Rarible, an NFT marketplace, has passed $5 million in sales so far this monthāmore than quadrupling sales numbers from August. The report also noted that $1.5 million of this new volume came on a single day, on Sept. 14.Ā
Rarible is a place where you can create, buy, and sell digital collectibles and, as such, is the beneficiary of surging NFT popularity, driven mostly by digital art. On Sept. 21, the news of a record-breaking digital art NFT sale was announced, with a piece called āRight Place & Right Timeā selling for more than $100,000.Ā

Raribleās numbers, and the general buzz surrounding digital art, have caught the attention of a few big names in crypto. Morgan Creek Digital co-founders Anthony Pompliano and Jason Williams have reportedly made a ābig betā on digital art.Ā
As outlined in PomplianoāsĀ daily newsletter, the bet is based on the idea that digital art will become bigger than traditional art, a market that has had a cap of ā$65 billion for the last few years.ā By comparison, digital artās current market cap is around $10 million.Ā
Never one to shy away from a controversial stance, Pompliano went on to state, āmy confidence level that we see a future 6,000x increase in the digital art market cap is fairly high.ā Because of this, āwe [Pompliano and Williams] plan to invest heavily in the space over the coming months and yearsā he said.Ā Ā
Others, however, were slightly less bullish. The CEO of crypto derivatives exchange FTX and Alameda Research, Sam Bankman-Fried, tweeted a more skeptical take.
ok guys so
like
with NFTs, you can⦠likeā¦
ā¦download them, right?
even if you don't "own" them?
ā SBF (@SBF_FTX) September 22, 2020
The tweet prompted a debate over the value of art, the ease with which āuniqueā digital art can be copied, and the future NFTs may or may not have.
Adam Back, the well-known cryptographer and founder of Hashcash, chimed in, encouraging Bankman-Fried to consider buying digital art NFTs as art patronage, āyou could photocopy it, but then youāre not a patron.āĀ
Digital art is, of course, just one piece of the NFT pie. The fantasy soccer gameĀ Sorare,Ā which allows players to collect ālimited edition digital collectiblesā while also managing a team, has also seen an increaseārecording sales ofĀ around $750,000Ā this month, almost half its all-time total.