Megadeth has sold its first NFT (non-fungible token) for 8.4 ETH, which is approximately worth 18,000 dollars.
Megadeth just joined the NFT world as well. Selling its first token, a 6-second-long video including a turning Vic Rattlehead and Megadeth inscription without sound, the popular American thrash metal band made 8.4 ETH on the NFT. This amount is approximately worth 18,000 dollars. You can check out the artwork that was sold on Rarible here. The person who bought Megadeth’s first NFT is Adrian Woodward, someone seemingly very active on Rarible with over 100 collectibles.
Megadeth sold its first NFT
The world’s first Megadeth NFT has arrived.
— Megadeth (@Megadeth) April 7, 2021
The band earlier announced that they were selling this artwork on Rarible, and the auction has ended now.
As this is the first NFT by Megadeth, and one of the first NFTs by the bands, this artwork naturally goes up in value. Despite not having sound and much content in it, Megadeth’s Vic Rattlehead: Genesis NFT managed to be sold for nearly $20K. If you’re not familiar with all this NFT stuff, you can check out our little guide about it by clicking here.
What are NFTs?
Non-fungible tokens are tokens that cannot be interchanged with those that are like them. This feature of them (non-fungibility) is what makes NFTs the perfect way to sell digital artwork. As everything becomes more and more digital these days, art finds a way to include itself in this mania as well. The skyrocketing market capitalization of cryptocurrencies is another factor why NFTs have become such popular.
People pay a crazy amount of money to buy digital artworks that are sold as NFTs, and many cannot understand this mania. Actually, it helps if you look at NFT artworks as investments. They have the potential to be antiques in the future, and cryptocurrencies being this popular helps this notion to be more plausible. However, we’ll see what time brings and whether NFTs will still be that valuable in the future.