The recent sale of the "EthBoy" NFT has attracted considerable attention in the crypto art world. Created by artists Trevor Jones and Alotta Money, the NFT features an image of Ethereum co-founder Vitalik Buterin dressed as a medieval harlequin. The artwork is unique in that it uses a programmable technique called 'layering', which allows it to change daily in response to external variables such as price fluctuations, gas costs, and even annual changes triggered by Vitalik's birthday and the initial release of the Ethereum system.
EthBoy's: From Record-Breaking Debut to Thriving NFT Market
The sale of "EthBoy" has set records, with the NFT being the first programmable art project released on the Async Art platform, which has seen over $600,000 in artist sales since its launch.
Created by Trevor Jones and the late Alotta Money, EthBoy broke records in November 2020 when it initially sold for 260 ETH, making it the most expensive NFT art at the time, estimated at around $140,000. However, a recent resale exceeded the original value to $416,000 due to ETH price volatility, marking a significant milestone for NFT.
EthBoy by Trevor Jones and the late Alotta Money
When "EthBoy" first appeared on the NFT market, it was a different era for NFT, characterized by record sales and an explosion of interest in crypto art and NFT Profile Paintings (PFP). Artists like Jones were attracted to this innovative medium because of its emphasis on royalties, a model that provided artists with a percentage of secondary sales. However, these deductions have become a hot topic over the past year as leading platforms such as OpenSea have made them voluntary, reflecting the difficulties of securing revenue and customer interest in a bear market.
'EthBoy' and Charity
Despite the voluntary nature of royalties to OpenSea, where the resale of the NFT art "EthBoy" took place, the new owner decided to donate 10% of the royalties. This act resulted in the payment of 20 ETH (approximately $39,230) to Async Art, the platform responsible for the birth of the art. This action is significant in today's NFT landscape, where such deductions are no longer mandatory.
The authors of "EthBoy" originally promised to share one-third of royalties from future sales with the first buyer of the art, Maxstels, for an indefinite period. This agreement illustrates an earlier, more robust phase of the economic potential of the NFT market. Following the recent sale, Maxstels should receive an additional $13,000 in ETH as its share of the royalties, confirming the long-term economic attractiveness of NFT art.
A Bright Spot in the NFT Market
The innovative use of technology and the enduring appeal of unique digital art have contributed to this substantial sale, marking a creative twist in the crypto art landscape. The significant sale of EthBoy has brought a ray of hope to the somewhat sluggish NFT ecosystem. This demonstrates not only the enduring appeal of unique digital art but also the complex economic and cultural aspects of the NFT market. As the NFT landscape evolves, "EthBoy" stands as a testament to the potential for innovation, artistic recognition, and economic reward in the digital art world.
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