The rise in popularity of crypto art, also known as NFTs, comes at a price.
The good
- Blue chip NFT projects such as CryptoPunks, Bored Ape Yacht Club, and CyberKongz have great teams and communities behind them. These NFTs have some sort of utility and even reward holders, which results in passive income.
- CryptoPunks became so popular that individual images have been auctioned off at Christie's and Sotheby's.
- At first, everyone could get in. Let's take Axie Infinity as an example. It was extremely popular in Southeast Asia because the cost of entry was close to nothing and you could make some money on the side with it, which was crucial for some during the pandemic.
- The future of NFTs goes beyond crypto art. More on that in the video.