The hype around non-fungible tokens, or NFTs, may have died down in recent months due to the cryptocurrency bear market, but that hasn’t stopped digital artists from experimenting in this exciting new space. Gal Yosef, a world-renowned self-taught artist in the field of 3D art and animation, has proven his versatility by launching two successful NFT collections. In an exclusive interview with Cointelegraph, Yosef explained why NFTs are a “natural” transition for digital artists and why the sector is poised to grow despite current headwinds.
Yosef, who successfully launched his “Meta Eagle Club” NFT collection in January, explained to Cointelegraph why non-fungible artworks are so attractive:
“I think NFTs have given a lot of exposure to all digital artists, mostly because they’re such a natural place for us.”
Approach to NFT art compared to other forms of digital art
NFTs are a natural transition for digital artists because the space “is not a category unto itself.” Rather, as Yosef explained, NFTs are “exactly the same art to me, exactly the way I’m doing it all the time and exactly the way I’ve always done it only on other platforms.” He said the art world is changing along with NFTs and “gives us a new platform to express ourselves.”
Yosef’s foray into the NFT market began in 2021, when he launched the Crypto Bulls Society collection. The collection reportedly generated more than $50 million in primary and auction sales. A unique NFT created in collaboration with American record producer Steve Aoki netted Yosef $214,000 at a Sotheby’s auction.
Did you know…
Gal Yosef (our artist) has recently sold his own NFT in collaboration with Steve Aoki for $214,000.
This is the first time that we have made Gal’s art available for a broader audience. Make sure to get your hands on one of the sickest NFTs of this time! pic.twitter.com/hzjND3ynIG
— Crypto Bull Society (@Crypto_Bull_NFT) November 3, 2021
When asked if there was any learning curve when launching an NFT collection, Yosef said the only unknown was the market dynamics of the new industry. “I wasn’t sure what really [controlaba] the result, then I realized that everything is based on the community; art can be as beautiful as possible, but without a good community, the work will not succeed.”
Metaverse: the future?
Describing his first steps into the world of NFT, Yosef said that the broader blockchain industry, and specifically metaverse technology, could be “the next big thing.”
“I’m looking to make my mark and do big things,” he said without elaborating.
Although the current metaverse industry has been described as “basic and weird” due to nascent technology and adoption, it is expected to have a profound impact on video games, social interaction, and art. Some technologists and venture capitalists believe that the merger between metaverses and NFTs is inevitable, and that metaverse NFTs will drive the next cycle of growth in digital collectibles.
NFT sales volumes peaked in 2021 during the height of crypto mania, with companies like the Bored Ape Yacht Club and CryptoPunks generating billions of dollars in lifetime revenue. Although the market is in a cooling phase, rumors of his death have been exaggerated, according to industry data aggregator DappRadar. NFT turnover was a healthy $3.7 billion in May. Although activity has continued to drop over the summer, the arrival of big brands like Tiffany & Co reveals that many companies are betting strategically on the NFT market.
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