Mike Shinoda of Linkin Park has sold his first NFT, raising $30k, a confirmatory tweet from Zora, an NFT online market place, reveals on Feb 8.
Linkin Park Front Man Sold His first NFT Piece for $30k
A feat for Mike, the proceeds from the called One Hundredth Stream auction will be donated to the Michael K Shinoda Endowed Scholarship at ArtCenter College of Design. The scholarship benefits students based on artistic merit and financial need.
The piece was uploaded over the weekend and drew instant interest from across the crypto and creative communities. Throughout the auction, users could bid on different currencies, not just ETH or DAI. As of writing on Feb 8, the last bid price on the crypto digital piece stood at 6.66 WETH.
A New Age of Art Distribution
In a follow-up tweet, the creative lauds blockchain’s possibilities and how transformative it can be, especially for unconventional artists. He pointed out the effectiveness of non-fungible tokens (NFTs) as a new way of art distribution, a sharp divergence from legacy platforms complicit in commodifying creators.
Because of the base layer’s security and immutability, crypto art NFTs are unique, limited in supply, and cannot be copied. Each can be traced in the blockchain, introducing new ways of protecting creatives’ interests.
Most importantly, for artists seeking to draw maximum value from their work, each piece’s price is defined by the market.
The highest bidder of any immutable and digital piece owns the piece. In the era of blockchain provenance, creativity and value are all defined by the community and market, not a panel of judges.
“This should be very interesting for people who make unconventional art, or people who have been told their art isn’t art at all. Maybe it is. The community will decide.”
Soulja Boy Mints “Crack That”
More artists appear impressed with NFTs. Recently, Soulja Boy minted his first NFT called “Crank That” on Rarible, another NFT market place. It follows the American artist’s buying of several cryptocurrencies, including BNB.
As BTCManager also reported, Miss Bitcoin partnered with Enjin to launch the first NFT project in Japan.