NFTs are a “natural place” for digital artists – Gal Yosef
The hype surrounding non-fungible tokens, or NFTs, may have died down in recent months due to the crypto bear market, but that hasn’t stopped digital artists from experimenting in the new and exciting space. Gal Yosef, a globally recognized self-taught artist in 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 industry is poised to grow despite the current headwinds.
Yosef, who successfully launched his Meta Eagle Club NFT collection in January, explained to Cointelegraph why non-fungible artwork is so appealing:
“I think NFT has given massive exposure to all digital artists, mostly because it’s a very natural place for us.”
Approaching NFT art versus other forms of digital art
NFTs are a natural transition for digital artists because the vertical “isn’t a category in itself.” Rather, as Yosef explained, NFTs are “exactly the same art for me, just like I do all the time, and just like I always did just listed in other [platforms].” He said the art world is changing along with NFTs and “giving 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 is said to have generated over 50 million dollars through primary sales and auctions. A unique NFT made in collaboration with American record producer Steve Aoki netted Yosef $214,000 at the Sotheby’s auction.
Did you know …
Gal Yosef (our artist) recently sold his own NFT in partnership with Steve Aoki for $214,000.
This is the first time we have made Gal’s art available to a wider audience. Be sure to grab one of the sickest NFTs at this time! pic.twitter.com/hzjND3ynIG
— Crypto Bull Society (@Crypto_Bull_NFT) 3 November 2021
When asked if there were any learning curves in launching an NFT collection, Yosef said the only unknown was the market dynamics of the new industry. “I wasn’t sure what exactly [controlled] the result, then I realized that everything is based on the community; art can be as beautiful as possible, but without good fellowship, the work of art will not be [succeed].”
Metaverse: The Future?
Describing his first encounters with the NFT world, Yosef said the broader blockchain industry, and specifically metaverse technology, could be “the next big thing.”
“[I am] want to put my signature on it and do some big things,” he said without elaborating further.
Related: NFT market worth $231 billion by 2030? Report projects major growth for the sector
While the existing metaverse industry has been described as “basic and weird” due to new technology and adoption, it is expected to have a profound impact on gaming, social interaction, and art. Some technologists and venture capitalists believe that the marriage of metaverses and NFTs is inevitable – and that metaverse NFTs will drive the next growth cycle in digital collectibles.
NFT sales volumes peaked in 2021 during the height of cryptomania, with the likes of Bored Ape Yacht Club and CryptoPunks generating billions of dollars in lifetime revenue. Although the market is in a cooling phase, rumors of its demise have been exaggerated, according to industry data aggregator DappRadar. NFT sales volume was a healthy $3.7 billion in May. While activity has continued to fall over the summer, major brands such as Tiffany & Co reveals that many companies are moving strategically into the NFT market.
