Non-fungible tokens (NFT) have exploded in popularity from the past few months, and this popularity is crazy globally. Similarly, in DUBAI NFT market is going crazy. Lebanese artist Kristel Bechara who won UAE resident award becomes first female artist to sell her art as NFT. She launched her art that can only be visible as NFTs. This woman sets a history in UAE and Middle East. The majestic piece of art by this young lady, of the creator removing the mask shield is called Beauty- in Defi.
Kristel Bechara sold two pieces of her majestic art in less than 24 hours as NFTs. Bechara`s first piece of art “Satochi Nakamto” was listed in beauty in diversity and Defi collection on foundation app. In less than 24 hours a renowned NFT collector paid $1950 for her art. Bechara`s second piece of art known as Byzantine General’s Shield also sold quickly in $5,324 by the same collector who paid $600,000 for Kevin Roose`s New York Time NFT article. Her latest piece of art called FOMO is up for sale and can be grab by anyone on foundation app.
According to her statement, her latest piece of art is a representation of the state of FOMO, and how significant the invention of cryptocurrency and Defi is, and by not adopting or embracing this technology right now, collectors will not just have the fear of missing out but they will actually miss out on the opportunity of being a part of the future.
Kristel Bechara has her studio on Dubai`s sheikh zayed road and recently set up her first gallery in Dubai International Financial Centre’s Gate Avenue with a new collection of her art pieces called Psychomachia. NFT is gaining popularity day by day and an artist can earn millions of dollars by minting on NFT platforms. Just like Kristel Bechara artists earns a huge amount of money from different sites of NFT by minting their art. Beeple sold a collage of his digital art collection for $69 million in a transaction process organized by Christie’s, making this the third most expensive work from the side of a living artist and it was also a biggest purchase. Similarly, Jack Dorsey sold his first tweet for 2.9 million dollars which is crazy.
As a result, many artists and famous celebrities are coming towards the crypto market of NFT and minting their artwork, because NFT enables the collaboration economy by embedding automatic royalty collection mechanisms within a creator’s work by giving them a financial upside so that they would feel more proud on their artwork and it gives an artist a way to build him/her on top of each other`s work. NFT is becoming very popular in all the artists of worlds such as rappers, boxers, and even fashion brands and because of this increasing traffic NFT market is oversupplied and the uniqueness of each NFT is considered to be diluted but above all it`s a big source to mint your digital art and trade through block chain.