David Rudnick, a graphic designer sold NFT for $20,000. The sale was through Zora, an NFT marketplace.
A graphic designer known for high-profile collaborations with musicians like Black Midi, Nicolas Jaar, and Oneohtrix Point Never, has sold a Valentine’s Day NFT for around $20,000.
NFTs, or non-fungible tokens, are one-of-one collectibles on the Ethereum blockchain. Where cryptocurrencies like Bitcoin and Litecoin are fungible tokens, in the sense that each coin is interchangeable with others, NFTs are unique assets that can be anything at all. An example was CryptoKitties: a game based around collectible cats, each of which was an NFT.
Rudnick’s NFT is a digital image called “Stem” – a glitchy appearing picture of a flower with an ominous subheading:
“I’ve had this dream for a long time.”
A mysterious bidder paid 10.8 WETH (Wrapped Ether) for the piece on the NFT marketplace Zora, which raised $2 million in seed funding from Kindred Ventures and Coinbase Ventures late last year.
Zora set itself apart from competitors like SuperRare and Winklevoss-backed NiftyGateway with its focus on creators’ rights. Once a work has been sold in the traditional market, artists are screwed out of any future profits the piece might make on the secondary market.
NFTs have boosted in popularity in the past year as a medium for visual art. During an auction in December, the artist Beeple made $3.5 million on a collection of 20 NFTs. And Linkin Park’s Mike Shinoda dropped an NFT on Zora from the previous week.
However, Rudnick is not under the spell of the blockchain utopians: answering to a tweet about how the platforms like Zora mostly lend themselves to well-known, tech-savvy artists, Rudnick suggested the NFT space has room to grow.
“If this tech remains a marketplace,” he stated, “it will only further inequality.”
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