SINGAPORE, Sept. 12, 2021 /PRNewswire/ -- Not so long ago, digital artists whose artworks were posted all over social media, were frustrated that they were not earning much income from their works irrespective of the number of likes, comments and shares they got. On the other hand, art connoisseurs/collectors have been limited in how they can trade their art pieces as auction houses where predominantly the only avenue for them to sell their collections.
With the usage of blockchain technology, NFTs (non-fungible tokens) has completely changed how art and collectibles can be bought and sold. Through NFTs, artists now have a new way to monetise their art, collectors can access a more diversified range of collectibles and investors can have access a wider pool of buyers.
While there has been news with respect to the growing interests in NFTs, this strong interest was also seen during the recent inaugural Coinllectibles Fusion NFT on OKEx NFT marketplace. Within the first day of the launch, an investor paid US$100,000 (28ETH) for the Coinllectibles Fusion NFT Item #001 – a pair of heritage ceramics, which was almost twice the item's valuation price. The investor immediately placed the piece out in the secondary market and resold it at 150,000 USDT, successfully making a US$50,000 profit. The new owner then resold the iconic piece for 250,000 USDT and made a profit of about US$100,000. The collectible is currently on sale for sale for 289,000 USDT (...
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