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Grimes Just Made $5.8 Million In Just 20 Minutes Selling Crypto-Art

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Grimes Just Made $5.8 Million In Just 20 Minutes Selling Crypto-ArtPA/Grimes/Twitter

Grimes just proved that Elon Musk is not the only entrepreneur in the family, after she made an eyewatering $6 million in just 20 minutes by selling her artwork online.

The musician, who shares a child with multibillionaire Musk, sold the digital artwork with an asset called an NFT (non-fungible token), which authenticates the artist’s work using an encrypted digital signature.

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It’s thanks to the NFT, which uses the same technology as Bitcoin, that the 10 pieces of artwork from a collection called WarNymph were able to sell for such high prices. Some of the pieces are one of a kind, while others have been sold with as many as 100 copies.

Grimes opened the online auction for her work on Sunday, February 28, and 20 minutes later she had already raked in an impressive $5.8 million.

The 32-year-old used an NFT trading platform called Nifty Gateway to sell the pieces, which she worked on with her brother, Mac Boucher, Business Insider reports.

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One of the pieces sold by the musician, which shows a baby guarding the planet Mars, initially sold for more than $300,000, however it has already been relisted at $2.5 million online.

The unique piece, named Newborn 2, is said to represent ‘the Goddess of Neo-Genesis,’ despite much speculation online over whether the baby is supposed to be the son Grimes shares with Musk.

Grimesgrimes/Instagram

According to Nifty Gateway, the WarNympth collection features a baby to represent ‘a state of infinite infancy where she sheds her old skin of corruption,’ adding that the Goddess ‘battles the destructive force of obsolete ideas and systematic decay that threatens the future’.

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‘Merging the raw images of a photogrammetry scan, enunciating her iconic tattoos, with a retopologised mesh that was sculpted, modelled, and morphed into a variety of forms before being permanently sealed into the body of a baby angel, a cherub,’ the website continued.

‘She exists in the liminal state of the virtual world, a Grimes narrative universe, within an alternate history of mythology and the infinite fragments of the future. She is a pioneer in the rapidly expanding metaverse.’

Grimes Just Made $5.8 Million In Just 20 Minutes Selling Crypto-Artnifty_gateway/Instagram

Grimes is planning to donate a portion of the money raised by the artwork to Carbon 180, a non-profit organisation that aims to reduce global carbon emissions.

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NFTs have hugely grown in popularity recently, particularly over the last few weeks. Although anything digital could be turned into an NFT, generally speaking they tend to be digital artwork like pictures, videos or music.

Despite their recent surge in popularity, NFTs actually go back to 2012, around the time when the cryptocurrency Colored Coins was created. However, they weren’t used by people outside the world of cryptocurrency until the CryptoKitties started selling virtual cats five years later.

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Topics: Music, Elon Musk, Grimes, NFTs

Credits

Nifty Gateway and 1 other
  1. Nifty Gateway

    Grimes releases her debut NFT collection 'WarNymph'.

  2. Business Insider

    Grimes made $5.8 million in under 20 minutes selling crypto-based artwork

Emma Rosemurgey
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