September 28, 2021

100-artist NFT collaboration sells out in minutes, increases 7X in price in 24 hours

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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.

The Ultimate Artist Collaboration…

crashed Rarible and then sold out in minutes

— Loopify ‍♂️ (@Loopifyyy) March 3, 2021

Although the sale amount is far from record-breaking, the project is noteworthy in that it is a mass collaboration th has taken shape through an individual non-fungible token, or NFT. 

NFT curator “Loopify” told Cointelegraph 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.”

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 currently listed at 4 ETH by “Artist.” That’s more than 13 times theTitle: 100-artist NFT collaboration sells out in minutes, increases 7X in price in 24 hours
Sourced From: cointelegraph.com/news/100-artist-nft-collaboration-sells-out-in-minutes-increases-7x-in-price-in-24-hours
Published Date: Thu, 04 Mar 2021 01:47:02 +0000