Non-fungible Digital Artwork Sale Shatters Records, ‘Picasso’s Bull’ NFT Sells for $55K

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During the first week of July, news.Bitcoin.com reported on the growing sales of non-fungible token artwork being sold on marketplaces like Opensea, Nifty Gateway, and Makerplace. Just recently, the NFT market Nifty Gateway broke records selling a piece of digital artwork created by the artist Trevor Jones for $55,555.

Non-fungible tokens (NFT) and digital artwork have collided and the concept has grown exponentially during the last few years. In 2020, however, the NFT digital art ecosystem has swelled significantly this year.

Statistics show that during the last week, there’s been 14,654 sales and $1.2 million in weekly trade volume. The average price for a single NFT out of all the NFTs sold during the last seven days is roughly $82. All-time records show over 4.7 million NFTs have been sold according to nonfungible.com and there’s been $103 million in global NFT trade volume.

The average price for any NFT during the entire existence of NFT records is $21.70 but there are some NFT’s that sell for hundreds of dollars and even thousands. Data shows that the NFT marketplace Nifty Gateway closed a record-breaking auction of a piece of digital art called “Picasso’s Bull.”

The 1/1 edition was created by Trevor Jones and it sold for $55,555 on July 23. The colorful content was designed in the form of a non-fungible token called nifty and sold to the highest bidder. Nifty Gateway launched in March 2020 as an “all-in-one platform to buy, sell, and store your digital art and collectibles or ‘nifties.’”

Since the Nifty Gateway team launched the platform, the marketplace has attracted artists like Trevor Jones, Jon Burgerman, Kenny Scharf, and Cey Adams.

Both NFT markets Opensea and Makerplace have been doing very well in recent months too. Popular artists on Makerplace include Frenetik Void, José Delbo, Javier Arrés, and Katy Arrington.

News.Bitcoin.com recently reported on how the artist Terry Flaxton was selling 4K video art on Makerplace and Opensea. Wonder Woman comic book illustrator José Delbo was also featured on the NFT markets last month. On Sunday, August 9, the top number of NFT sales volume went to Sandbox with $294,000 in trade volume.

Sandbox is followed by Superrare ($248k), Sorare ($150k), Ethereum Name Service ($83k), Decentraland ($81k), Axie Infinity ($57k), and Makersplace ($35k) during the last 24 hours.

The NFTs being sold in Sandbox represent the land parcels on the community-driven UGC-voxel platform.

Makersplace sold roughly $4,506 worth of NFT artwork between 22 sales during the last 24 hours. One of the largest sales of the day on Makerplace on Sunday was $346, and the NFT sold at 11:34 a.m. ET. Five hours before that sale, a piece of digital artwork sold for $279 worth of ethereum (ETH).

The non-fungible token universe is growing wildly and it’s come a long way since the early days. The $55,555 “Picasso’s Bull” auction is a record-setting sale, but NFTs have sold for thousands of dollars years ago as well.

One of the most famous sales in NFT history was the Rare Pepe Blockchain auction sale of the very rare trading card “Lord Kek” (only 10 made). In 2017, “Lord Kek” sold for a whopping 1600 counterparty (XCP) or $22,720.

What do you think about the “Picasso’s Bull” NFT digital art sale on Nifty Gateway? Let us know what you think about this subject in the comments below.

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