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100-Artist NFT Collaboration Sold in Minutes, Price up 7x in 24 hours

  • Posted On - 2021-03-04 06:38:46

The limited-edition NFT artworks are being sold by thousands more than its original price. They combine work from 100 unique artists who might not have entered the space themselves.

Recently, an NFT made up of 100 individual pieces from 100 different artists has sold out within minutes on the Rarible platform, raising approx $89,000.

The sale amount of this NFT is far from record-breaking, the project is noteworthy in that it is a mass group collaboration that has taken shape through an individual non-fungible token, or NFT. 

NFT curator “Loopify” reported to Cointelegraph the work had been inspired by the current limitations for lesser-known artists to mint and sell their own NFTs such as high gas fees, limited understanding of the tech, and mere visibility.

“The main idea behind it was that I chose a lot of artists and they had a huge barrier [minting fees] — this allows them to pursue creating NFTs.”

Minted on NFT platform Rarible, Loopify apparently listed 150 different editions for 0.3 ETH ($475) for each on 3rd March. In less than 24 hours these editions have already risen up almost 7X, and are changing hands for 2 ETH, with the most expensive edition currently listed at 4 ETH by “Artist.” That’s more than 13x of the original price.

While the identity of all those 100 artists are yet to be revealed, Loopify told Cointelegraph that the compilation includes work from Vexx, who is having almost 3 million subscribers on his YouTube channel and a quarter of a billion views, adding:

“We do have a couple of big artists and one that is new to NFTs”

The funds raised from the sale will be transferred into stablecoin USDC before being distributed equally among the 100 artists. This process allows artists to enter the space and reap the rewards without having to pay gas fees or understand the technology behind NFTs Loopify explained.

Enjin running faster

The creator team of the ERC-1155 token, also called semi-fungible token, is also tackling the gas fee barrier for incoming NFT artists. The project has just announced new plans to release a scaling solution dubbed JumpNet that will use the ERC-1155 token to allow users to mint and port tokens on multiple chains without paying any gas fees.

Witek Rodmoski, CTO at Enjin explained that, “These technologies will enable developers to reach mainstream users and provide modern experiences without worrying about unpredictable business overhead caused by gas fees,” adding:

“JumpNet is our high-speed bridge network that will allow creators to mass-distribute thousands of NFTs at no cost. Tokens on JumpNet can jump between the Ethereum network or Efinity (our upcoming NFT highway) when it launches later this year.”

Although phase one is fixed to launch on April 6 and will support the free minting and trading of NFTs on Ethereum, it will not be until the second phase Efinity before the solution will support “assets from *any* blockchain.

Lately, interest in NFTs has surged up this week, with Banksy, Grimes, Paris Hilton, and Deadmau5 getting in on the act.

Source: https://cointelegraph.com/news/100-artist-nft-collaboration-sells-out-in-minutes-increases-7x-in-price-in-24-hours