NFTs are a ‘natural place’ for digital artists — Gal Yosef

The digital artist is currently focusing on metaverse nonfungible tokens (NFTs), which he believes will soon become a substantial market. In recent months, the interest in nonfungible tokens, commonly known as NFTs, may have waned due to the bear market in the cryptocurrency market, but this has not stopped digital artists from investigating this new and exciting industry. Gal Yosef is a world-renowned artist in 3D art and animation. In addition to being a self-taught artist, he has shown his adaptability by designing two successful NFT collections. Yosef explained why NFTs are a “natural” transfer for digital artists and why the industry is poised for development despite the current obstacles. Yosef also said that NFTs are a “logical” progression for digital artists.

Because digital art is not a distinct genre, NFTs are a natural progression for digital artists. Instead, Yosef said that NFTs are “absolutely the same art for me, identical to what I’m always making and identical to what I’ve always done, simply listed on other [platforms].” According to him, the art world is experiencing revolutions simultaneously as NFTs, which “provide us with a new platform to express ourselves.”

Yosef’s introduction of the Crypto Bulls Society collection in 2021 marked his first to the market for nonfungible tokens (NFTs). The group reportedly generated more than $50 million in income via direct sales and auctions. Yosef earned $214,000 at Sotheby’s owing to a one-of-a-kind NFT he created in collaboration with an American music producer, Steve Aoki.

When asked whether building an NFT collection included any learning curves, Yosef said that the only unknown was the commercial characteristics of the new industry. She remarked, “I wasn’t sure what genuinely affected the outcome, but then I realised that it all depends on the community.” “The artwork may be as beautiful as possible, but it would not [succeed] without a strong community.” When questioned about his initial encounters in the realm of NFT, Yosef said that the blockchain industry and metaverse technology may be “the next big thing.”

Also read: Understanding NFTs And All Its Relation With Metaverse

The metaverse is projected to significantly impact gaming, social interaction, and creative expression. However, the current metaverse sector has been referred to as “simple and peculiar” due to technology’s infancy and acceptability. Several technologists and venture investors believe that the merger of metaverses with NFTs is inevitable and that metaverse NFTs will drive the next boom in digital collectables.

According to industry data aggregator DappRadar, claims of the market’s extinction have been grossly overblown, even through a time of consolidation. During the height of the crypto craze in 2021, NFT sales volumes hit an all-time high, with firms such as Bored Ape Yacht Club and CryptoPunks generating billions of dollars in lifetime revenue. May’s nonfungible token sales volume was an impressive $3.7 billion. Even though summertime activity has declined, the arrival of major brands such as Tiffany & Co. illustrates that many companies are shifting their strategic focus to the NFT sector.