Are NFTs (non-fungible tokens) just tech hype? If they are, then it’s hype that’s certainly paying off for musician Grimes.

She launched a collection of digital artworks under the ‘WarNymph’ banner this weekend, and sold $5.8m of them in the first 20 minutes, via an auction process.

The 10 artworks were sold on the trading site Nifty Gateway: some of them were images, and others came with new music. If you’re still figuring out what NFTs are all about, the sale – details of which are still on the website – is a useful introduction.

Some of the artworks were sold for a limited time for $7.5k, while others started off in runs of 100, quickly growing in price as they were bought and resold. For example, the original price of ‘Newborn 4’ was $20; the average sale was $7,743.88; and the latest sale was $19,990.

Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!

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Stuart Dredge

Music Ally's Head of Insight

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