Is digital art on NFTs about to explode? Some of crypto’s biggest names seem to think so.

Here at AYO.NEWS, we’ve been keeping an eye on NFT-based art for a while. Just last month our very own Simona Pinterova caught up with Blockparty CEO, Vladislav Ginzburg, to see how his company is using blockchain technology and non-fungible tokens (NFTs) to revolutionise the art space. 

And, now some of the biggest names in the crypto community are catching the NFT art bug – and there’s even talk that it could one day outstrip the physical art market. So, how big is the NFT-based digital art market, and where could it be heading?

On 21 September, Messari analyst Mason Nystrom, pointed out that at Rarible, an NFT marketplace had broken the $5M mark, with 5,309 RARI governance tokens traded on the platform. Notably, $1.5m of this was traded in a single 24-hour period. 

$1.5M of this new volume came on a single day -September 14th pic.twitter.com/YDX6g6mybw

— Messari (@MessariCrypto) September 16, 2020

With stories like this floating around the web, it came as no surprise to see well-known Bitcoin (BTC) advocates and Morgan Creek Digital co-founders, Anthony Pompliano and Jason Williams, wade into the scene and, according to reports, make a “big bet” by partnering with several digital artists. 

[NEW POST] The Next Big Bet — Digital Art@GoingParabolic and I have been investing heavily in digital art because we believe the market cap will eventually eclipse the traditional art market.

Today we reveal “The Innovator’s Dinner” from @fewocious 🙂https://t.co/dbkeMf2pMI

— Pomp 🌪 (@APompliano) September 21, 2020

According to Pompliano, the digital art market currently has a tiny cap of less than $10M, compared to the traditional art market which has a cap of around $65B, giving it huge growth potential. In fact, Pomp is so enthusiastic, he now says he’s confident he will see a 6,000x increase in the digital art market cap. 

Indeed, there are already signs Pomp might be right. In addition to Blockparty selling out of its first works from Madsteez, Ryan Keeley, and Harif Guzman in August, the Winklevoss brothers-backed Nifty Gateway sold the “Picasso’s Bull” piece for $55,555.55 in July, and Async Art sold a digital piece for $100,000 more recently.

A surreal couple of days. #NFT art records broken by Picasso’s #Bitcoin Bull. Huge excitement & now followed on Twitter by people like @JWilliamsFstmed @tylerwinklevoss @APompliano 🤯

I do enjoy a challenge but I’m feeling the pressure for my follow up artworks. @niftygateway pic.twitter.com/WFuCBfIS6r

— Trevor Jones 🎨 (@trevorjonesart) July 25, 2020

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