On May 24, 2021, TRiCERA announced that it would support the purchase of non-fungible (NFT) art on its platform. Moving forward, users of the global art marketplace will not only have access to the works of contemporary artists but also pieces from NFT digital artists.
As per the announcement, the recent addition of an NFT transaction system to its platform will allow real-time transactions of NFT art pieces using Ethereum, the world’s second-largest cryptocurrency by market cap. Furthermore, to simplify the transactions between artists and users, TRiCERA has introduced linkage and purchase functions with Ethereum wallets. This will allow users to explore and purchase digital art from about 43 digital artists out of the 2,400 creators on the platform.
Meanwhile, TRiCERA has also added support for more formats other than image data. Specifically, movie file formats have been added to enable “diverse ways of digital art transaction.”
Are NFTs the future of art?
NFTs have taken the crypto world by surprise. The budding sector has become the delight of many collectors and investors and has generated millions of dollars for content creators. For instance, a reworked version of Andy Warhol’s computer image from the 1980s was recently sold at a Christie’s auction for $870,000. Similarly, the famous Charlie Bit My Finger YouTube video was sold for $760,999 as an NFT.
While these numbers may seem quite significant, they are all small potatoes compared to a collection by digital artist Mike Winkelmann, aka Beeple. In March, Christie’s facilitated the sales of Beeple’s “Everydays: The First 5000 Days” collection for a whopping $69.3 million. To further buttress how active the NFT space has become, a report by application tracking firm DappRadar, confirms that people bought and sold an estimated 85,787 NFTs at a total daily value of $5.8 million in May.
For the uninitiated, NFTs (non-fungible tokens) are tokenized versions of an asset. As the name suggests, they are “a special type of cryptographic tokens which represent something unique,” proving the real ownership of an item. Whereas cryptocurrency tokens such as Bitcoin can be directly interchanged with another Bitcoin, an NFT is the opposite, meaning that no two NFTs are the same, either in value or properties.
Virtually anything can be tokenized – from artworks to music and even real estate. In an extremely weird case, a New York man sold his fart as an NFT for $85. In another unique case, a pro athlete auctioned a portion of her arm for $5,000 as an NFT.
All of these scenarios go to show the boundless possibilities of the NFT industry. And while the concept of tokenizing an asset is not entirely new, NFTs have the ability to provide a more efficient way of conducting business. For one, they are immutable and do not necessarily need a centralized system to operate. Consequently, transactions can potentially be conducted more quickly, easily, and cheaper.
Established in November 2018, TRiCERA has earned a title as one of the largest global online marketplaces in Asia. The Tokyo-headquartered firm has developed a platform that allows artists from anywhere in the world to display and sell their artworks. The platform boasts of an artwork inventory of over 17,000 collections and 2,400+ partners across 80+ countries.
Ahead of the launch of its NFT feature, TRiCERA inked a partnership deal with two blockchain companies, Curvegrid and Zora, back in April. Back then, the firm explained that “the collaboration will bring integration of NFT transaction functionality into TRiCERA. NFTs decentralized technology has the opportunity to restructure the art market and empower artists with new tools that allow completely new ways of monetization and safe transactions of digital art.