100-artist NFT collaboration sells out in minutes, increases 7X in price in 24 hours
The limited-edition NFT artworks are already selling for thousands more than the original price. They combine work from 100 unique artists who might not have entered the space on their own.
An NFT made up of 100 individual pieces from 100 different artists has sold out within minutes on the Rarible platform, raising almost $89,000.
The Ultimate Artist Collaboration…
crashed Rarible and then sold out in minutes
— Loopify ♂️ (@Loopifyyy) March 3, 2021
Although the sale amount is far from record-breaking, the project is noteworthy in that it is a mass collaboration th has taken shape through an individual non-fungible token, or NFT.
NFT curator “Loopify” told Cointelegraph the work had been inspired by the current limitations for lesser-known artists to mint and sell their own NFTs such as high gas fees, limited understanding of the tech, and little visibility.
“The main idea behind it was that I chose a lot of artists and they had a huge barrier [minting fees] — this allows them to pursue creating NFTs.”
Minted on NFT platform Rarible, Loopify originally listed 150 editions for 0.3 ETH (approximately $475) each on March 3. Less than 24 hours later the editions have already risen in value by almost 7X, and are changing hands for 2 ETH, with the most expensive edition currently listed at 4 ETH by “Artist.” That’s more than 13 times the original price.
While the identities of all 100 artists are yet to be revealed, Loopify told Cointelegraph that the compilation includes work from Vexx, whose YouTube channel has almost three million subscribers and a quarter of a billion views, adding:
“We do have a couple of big artists and one that is new to NFTs”
The funds raised will be transferred into stablecoin USDC before being distributed equally to the artists. This process allows artists to enter the space and reap the rewards without having to pay gas fees or understand the technology behind NFTs Loopify explained.
Enjin running faster
Enjin, whose team created the ERC-1155 token, or semi-fungible token, is also tackling the gas fee barrier for incoming NFT artists. The project has just announced plans to release a new scaling solution dubbed JumpNet that will use the ERC-1155 token to allow users to mint and port tokens on multiple chains without gas fees.
Enjin CTO Witek Rodmoski explained that, “These technologies will enable developers to reach mainstream users and provide modern experiences without worrying about unpredictable business overhead caused by gas fees,” adding:
“JumpNet is our high-speed bridge network that will allow creators to mass-distribute thousands of NFTs at no cost. Tokens on JumpNet can jump between the Ethereum network or Efinity (our upcoming NFT highway) when it launches later this year.”
Although phase one is due to launch on April 6 and will support the free minting and trading of NFTs on Ethereum, it will not be until the second phase Efinity before the solution will support “assets from *any* blockchain.”
Interest in NFTs has snowballed this week, with Banksy, Grimes, Paris Hilton, and Deadmau5 getting in on the act.