Paris Hilton auctioned a drawing of her own cat for charity and it sold for 40 ETH, which is a little bit over 17 thousand dollars. The auction was hosted by Cryptograph and the proceeds go to a diverse range of charities. Paris Hilton chose to support the LA Foodbank, Meals on Wheels USA and Back Pack Bed.
The auction of Kitty, the title of the drawing by Paris Hilton, started a few days ago. Within five minutes the bids already peaked 10 ETH. One day before the end of the auction, the final price was already reached.
The amount of money for Paris Hilton’s work is one of the highest bids so far on the platform. There’s only one person that has created ‘crypto art’ with a higher value. The most expensive creation was made by Ethereum creator Vitalik Buterin. His drawing sold for 77.35 ETH.
Currently there’s an auction happening for a doodle by Ashton Kutcher. With almost three days on the countdown, the current bid is 9.8 ETH. Kutcher made something called ‘The Eye of the Beholder’. Cryptograph suggests that he made a minimal artwork to symbolize the subjective nature of art. But, honestly, I think Ashton was just a bit lazy. Bidding is possible on the Cryptograph website.
Crypto art on the rise
Crypto art is gaining popularity. Platforms like Rarible, Superrare and Knownorigins are thriving. The introduction of blockchain technology allowed digital artists to create unique artworks. Ownership and rarity are now verifiable through the blockchain, creating true value. Last year the crypto art market was good for 559 thousand dollars in trading volume. This was a 115 percent growth compared with the year before.
This year alone Superrare has trade 906 thousand dollars worth of digital art, while Known Origin has 223 thousand dollars in registered trades. If we add the trading volume of these projects together and add newer initiatives like Async Art and Avastars, then there has been 2.25 million dollars in trading volume this year so far. Read more about major trends in the NFT market.