On March 11, 2021, Mike Winkelmann, also known as Beeple, sold an NFT for $69 million through an auction at Christie’s. At the time, and up to this day, this sale was a historic event that paved the way for art and blockchain.
More than a year later, we have been able to see how NFTs changed in the eyes of many and what that meant for the industry. According to Reuters, NFT sales volume totalled $24.9 billion in 2021. As more people and organizations have joined the industry, the NFT community is navigating its move into the mainstream world.
Even though some may be hesitant to fully commit to NFTs and the technology behind them, there is an ongoing shift that will make it easier for people to understand the value they offer. In addition, there is much more awareness and acceptance around NFTs, something that a year ago was not as common.
A very important part of this transition is due to the added utility many projects are incorporating into their collections. NFTs are not only a way for artists to share their creation and earn money, but we are now seeing new ways of using blockchain technology to aid in other aspects of our lives that are not entertainment related.
Utility NFTs exist in many different forms. In general, they are created with a specific practical application, which can be a form of passive income, exclusive access to events, firsthand experiences, and other types of benefits and perks that non-holders wouldn’t have. That being said, NFTs that have a purpose besides the visual aspect to them serve as ways to incentivize the community and the economy, which motivates them to hold their NFTs or buy more. In some cases, these benefits stretch to a broader cause and can be part of the greater good.
A great example of this is Jeremy Ryan’s latest NFT collection Super Gremlin. Also known as NFT Demon, Jeremy became the biggest NFT artist on the BNB Chain after just a month of entering the chain. He has created six incredibly successful collections, including Cartel Punks, Bad Ass Doggos, and Gaming Shiba, which are owned by famous rapper Eminem.
His Super Gremlin collection, however, is especially important to him because its focus is to bring awareness to cancer in the Web3 community and a portion of the sales will be donated to Brain Cancer Awareness month. As a cancer survivor himself, he credits his passion for art to his diagnosis.
Jeremy was diagnosed with brain cancer and was told he has zero chances of surviving. Despite his critical situation, his recovery was considered a miracle that not only saved him, but also created an unexpected interest in art. Before his diagnosis, he had no artistic abilities, but this all changed after his sickness; he discovered his passion for creating digital art and that led him to become the NFT artist he is today.
Super Gremlin will be Jeremy’s first NFT collection on the Ethereum blockchain, and will offer holders the opportunity to network and give back to charitable causes with his NFTs. A year ago, people might have not imagined the power that NFTs could hold and how they could genuinely help society, but this is just an example of how they can be beneficial to all.
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