Report said that 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.
It has been reported that the project is noteworthy in that it is a mass collaboration that has taken shape through an individual non-fungible token (NFT), although the sale amount is far from record-breaking.
“Loopify,” the NFT curator, said that 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.”
However, 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 listed at 4 ETH by “Artist.” That’s more than 13 times the original price.
A new #NFT by @Loopifyyy combines the works of 100 artists into one piece, enabling them to share in the profits without having to pay high gas fees to mint. https://t.co/uoBQj5V1HS — Cointelegraph (@Cointelegraph) March 4, 2021
The report said that Loopify said that the compilation includes work from Vexx, whose YouTube channel has almost three million subscribers and a quarter of a billion views.
“We do have a couple of big artists and one that is new to NFTs.”
Likewise, Loopify explained that 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.
Witek Rodmoski, the CTO of Enjin, said:
“These technologies will enable developers to reach mainstream users and provide modern experiences without worrying about unpredictable business overhead caused by gas fees.”
Thus, he added:
“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.”