The NFT revolution doesn't yet seem to be synonymous with the democratisation of wealth in the art world. Photo: AFP
Three months ago, only the tech-savvy of this world had really heard about these unique digital tokens that can be used to attach a certificate of authenticity to any virtual object. Now, NFTs are part of the vocabulary for any digital artist hoping to follow in the footsteps of the American artist, Beeple, whose NFT digital collage sold for US$69.3mil at Christie's.
And that's not counting the fees that these specialist sites claim on each sale. If your artwork falls into the one third of NFT artworks selling for US$100 or less - then,"for US$100, you can expect to have 72.5% - 157.5% of your Sale deducted by fees . That's an average of 100.5%, leaving you with a $0.50 deficit or more," outlines Kimberly Parker.