Nifty Gateway, a leading marketplace for nonfungible tokens with the backing of the Winklevoss brothers, recorded its largest-valued auction to-date on July 23 when the digital artwork and NFT “Picasso’s Bull” sold for $55,555.55.
The milestone comes as benefits of fractionalized ownership, decentralized provenance verification and the global liquidity pool enabled by blockchain technology are enticing both art creators and investors to explore NFTs.
— Trevor Jones 🎨 (@trevorjonesart) July 25, 2020
Cointelegraph spoke to Trevor Jones, the creator of the record-priced NFT, and the artwork’s buyer, Pablo Rodriguez-Fraile of Museum of Crypto Art, to find out why they believe cryptographic tokens are the future of art.
Sam Haig (SH): How long have you been active in the cryptocurrency and blockchain space?
Trevor Jones (TJ): I don’t have a technical background per se but after a successful solo exhibition at the end of 2016, I had some money to invest, which led me to Bitcoin. I spent the latter half of 2017 researching and investing in cryptocurrency and then decided to work toward a crypto-themed painting exhibition for 2018, which was called “Crypto Disruption.”
Pablo Rodriguez-Fraile (PRF): We have been investors in the space for about four years now, having been early to Ethereum and major participants in the 2017 ICO season and beyond […] Outside of investments related to NFTs, we have participated in early investments in Algorand, Hashgraph, Klaytn or Avalanche, to name just a few.
SH: When did you first encounter NFTs?
TJ: I was invited to show some of my work at CoinFestUK in Manchester in April 2019. It was my first crypto conference, so there…