Art pieces by Andy Warhol are being traded as NFTs (non-fungible tokens) at the Art Basel Beach Fair in Miami. It’s one of the recent examples of combining the crypto and art world for artists to reap the rewards through different mediums.
Currently, the NFT market is booming. In just the third quarter of 2021, the market has become worth $10.7 billion. In addition, several global crypto exchanges are developing NFT marketplaces, which would be a separate lucrative platform for this up-and-coming market. Here, participants would be able to trade NFTs – which are digital collectibles – and the buyer will be able to get a hold of some ownership rights of the work. This can include art works, songs, video clips, tweets, memes, and more.
At the Art Basel fair, a minimum of 3 works by artist Andy Warhol will be put on sale as NFTs. The first is a T-shirt with a Campbell Soup silk screen on it – dating back to 1982, which is priced $125, 000. The next is another t-shirt with “Art” on it – dating back to 1980, selling for $95, 000. The last item is a canvas with a silk screen of a Volkswagen Beetle on it – dating back to 1977, selling at $600, 000.
Andy Warhol was known for transforming a variety of commercially popular items like Campbell soup cans into his own form of art. He also created “The Factory”, where he reproduced many such pieces. It’s only fitting that his art works are now being transformed into NFT tokens, taking on the essence of the next generation of art and trading.
