Pranksy's NFT Boxes Sold Out in Six Minutes

The genesis boxes of the monthly NFT Box series sold out within six minutes. There were five hundred boxes selling for 0.5 ETH, which is roughly 670 dollars. Each of those boxes contains ten to twelve curated digital artworks or game assets, and in addition each month will have a certain theme.

The first NFT Boxes that were sold, got the theme 'Innovators', and are headed by crypto artist Coldie. In addition we know that Neon District participated in the drop, among other companies and artists.

Plenty of buyers didn't buy the boxes for the art, but for the resell value. The cheapest NFT Box on the market is currently 2 ETH, which is four times the original purchase price. On the secondary marketplace NFT Boxes have sold for a total of 93 ETH so far.

Crypto art is currently moving into its next phase. While demand is ramping up, the artworks are changing. There's an increasing demand for 3D artworks to showcase in virtual reality, while the addition of music adds a new dimension. Most notably there's an increasing demand for on-chain artworks, which will remain available as long as the blockchain technology exists.

What is crypto art?

Crypto art or digital art has been around for many years. However, without the existence of blockchain technology it was impossible to verify authenticity and rarity. Now digital art is connected to a token on the blockchain. That way buyers can see how many copies of a certain artwork there are, and whether the product is original.

The concept of seeing a digital image as art, is one thing. However, for many people it will be a challenge to consider digital images as valuable. Consider this: The Mona Lisa is worth many millions of dollars. If I would paint the Mona Lisa in an exact copy, it would be worth only 50 dollars. Because we all know where the original version is. Being able to verify the authenticity and rarity of a piece of art is crucial.

Some people don’t care about the Mona Lisa. It’s just a painting. They are happy to download an image for Google Images, print it on canvas and hang it in their living room. Others want the real deal. The same rules go up for digital crypto art.