Turkish Artist Becomes First To Earn $ 1 Million ETH For His Artwork

Turkish Artist Becomes First To Earn $ 1 Million ETH For His Artwork

Murat Pak, a Turkish cryptocurrency artist, has become the first artist in the world to earn $1 million in Ether (ETH) through his blockchain-based artwork.

Nick Tomaino, the founder of 1Conformation, announced the news on Twitter on Monday, December 8. According to Crypto Art, a platform that tracks artists and their creations across the largest crypto art marketplaces, until now, Murat Pak has sold 269 pieces of artwork on platforms such as SuperRare, Nifty Gateway, MakersPlace, and Async Art for a total of $1,075,270.28 (equivalent to 1,880 ETH) with the highest sale worth $55,354.

Murat Pak commented:

“So grateful for this milestone.

It is not always possible to plan the path to success. Sure, I work hard and do my best, but sometimes things beyond our control are a lot more important – as with Cryptoart.

Sometimes the planets are lined up correctly.

Thank you”

Murat Pak’s artwork was auctioned off in the form of non-fungible Ethereum tokens, ensuring their uniqueness.

According to Nick Tomaino, 2020 has been a big year for Ethereum-based crypto art as over 500 artists have sold crypto art worth more than $4K. He believes that amount with crypto art will explode in 2021.

In November of 2020, an NFT painting of Ethereum co-founder Vitalik Buterin, named “ETHBoy”, set a new record in crypto art sale when it was sold for 260 ETH or approximately $141,536.20 at that time.

With the COVID-19 pandemic, museums around the world have gone dark. Amid this situation, blockchain is now a potential lifeline as all art goes digital. Ethereum blockchain network has paved the way to make digital art available as non-fungible tokens (NFT) that offers transparent, immutable record of ownership is not only central to a functioning digital art economy but an improvement on a market that long relied on paper certificates, PDF reproductions, of authenticity.

ERC 721 is a standard interface for non-fungible tokens on Ethereum that allows anyone to observe every address that’s ever held, bid on it, or transferred it. So just like DeFi, Ethereum is at the forefront of Crypto Art.

Nifty Gateway, a crypto art marketplace acquired by the crypto exchange giant Gemini in November of 2019, is now a prominent name in this new crypto-powered market that allows People to buy NFTs with credit cards and cash out directly to their bank accounts when they sell.

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