The Non-fungible token market continues to grow at strikingly high rates as a Bitcoin-influenced digital artwork sells for a record 262 ether ($101,100). The digital artwork has many unique features, including changing with the price of Bitcoin.
Each day, a new composition for the art piece, “Right Place & Right Time,”, is influenced by Bitcoin’s volatility and price action from the previous 24 hours. The creator of digital art, Matt Kane, is excited and humbled by the sale of his work.
“It’s humbling. I’m most excited I’ve helped open price levels for other digital artists to have their work taken seriously and benign making a living from art sales,”
Right Place & Right time is made up of 24 layers. Each correlating layer is influenced programmatically in rotation, scale, and position by the price of Bitcoin at each hour. By examining the artwork, users are able to approximate the price of Bitcoin.
The art piece was purchased by Token Angels, a crypto-focused angel investor and art collector. They could benefit from variations of the artwork being minted (210 times) over the next 10 years as well as 21% revenue share of the individual NFT and print sales.
“As a nod to Bitcoin’s 21 million fixed supply, the collector receives 21% revenue share of the individual NFT and print sales and there will only be 210 nFTs minted”
“Until we could prove provenance and scarcity on the blockchain, how we sold digital art was prehistoric by comparison,”
The tokenization revolution continues as real-world goods and services find their place on the blockchain. Data reveals millions in monthly trading volumes of digital art work.
Meanwhile, Crypto startup, VeChain teamed up with auto manufacturer BMW to create a security platform for vehicles. The security platform promises to reduce fraud in the automotive sector.