It might no longer be the STONK-tastic tidal wave it was in February, but NFTs keeps lapping against the shore of the music biz (the latest stars to “drop” their debut NFT art collection: Bauhaus), and now some NFTs from that first wave of mega-sales are re-emerging, and we can all grab a slice.
It’s essentially a re-sale of sorts: Otis is a company that allows users to buy fractionalised shares of a piece of art. It owns work that you can then buy – for instance, a 1/100th slice – via the Otis app. It’s similar to the approach of the popular US investment app Robinhood, where users who can’t afford to buy a whole share in their company of choice can instead purchase a small piece of one share instead.
Otis is offering Newborn 1 & 3 – which were both released as part of Grimes’ first NFT drop, “WarNymph Collection Vol. 1.” which sold for a total of $5.8 million. The Newborn series were released in editions of 100 and originally sold for $20 each – now you can buy a slice of one of them for less than that.
The long-term use of NFTs is becoming a bit clearer: and one use is that NFTs will be a place where ordinary fans can buy something affordable to show off their fandom – perhaps owning a small piece of a famous NFT will scratch that itch.
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