In a notable turn of events, a non-fungible token (NFT) portraying Ethereum co-founder Vitalik Buterin in a jester ensemble is commanding a substantial price of 200 ETH, equivalent to $392,308 at the time of the transaction, on the secondary market. This sale injects a renewed sense of optimism into the NFT ecosystem, which has grappled with sluggish activity in recent times.
Crafted as a unique piece by crypto artists Trevor Jones and the late, pseudonymous Alotta Money, the digital painting, titled “EthBoy,” originally made waves in November 2020 when it set a record by selling for an impressive 260 ETH at auction.
At that juncture, it claimed the title of the most expensive NFT artwork ever sold, yet the value of that transaction—approximately $140,000—now pales in comparison to the recent resale.
The evolution of “EthBoy” from its initial minting in 2020 reflects the dynamic shifts within the NFT landscape. During its inception, the NFT ecosystem experienced a distinct milieu compared to the present day. Crypto art and profile picture (PFP) NFTs consistently shattered sales records, culminating in the fervor of the 2021 NFT bull run.
A pivotal aspect of this transformative period was the enthusiastic reception of the novel medium by traditional artists such as Jones, who, as a painter by profession, embraced NFTs for their emphasis on creator royalties.
These royalties, typically ranging from 2.5% to 10%, were automatically applied to any secondary sales of an NFT, providing creators with a recurring share of the proceeds.
Notably, despite being sold through the OpenSea marketplace this week, it appears that the new owner of “EthBoy” voluntarily chose to honor the creator fee, despite not being obligated to do so.
The 10% creator royalty, amounting to 20 ETH, was automatically directed to Async Art, the platform overseeing the piece’s creation, effectively constituting a generous $39,230 tip.
This remarkable resale underscores the enduring allure of NFTs and their capacity to captivate both collectors and enthusiasts. As the NFT landscape continues to evolve, the value and significance attributed to these digital assets in the art world and beyond remain subject to dynamic market forces and shifting trends.
Bazooka Tango Raises $5 Million
Gaming studio Bazooka Tango, founded by former developers of the fantasy MOBA game Vainglory, has successfully secured $5 Million in a recent funding round led by Bitkraft Ventures. Additional participation in the funding round came from RW3 Ventures, Sfermion, and 1Up Ventures.
The studio’s strategic plan involves utilizing this fresh infusion of capital to expand its team and accelerate the development of its upcoming title, Shardbound. Notably, Shardbound has committed to launching on the upcoming Immutable zkEVM network.
In response to the funding news, Bazooka Tango CEO Bo Daly expressed confidence in the quality of their games, stating, “Amid an incredibly challenging year for VC funding, it speaks volumes to the quality of our games.”
Daly emphasized the studio’s focus on expanding its team across critical disciplines essential for the successful launch and growth of the Shardbound universe. The funding round underscores the industry’s recognition of Bazooka Tango’s potential and aligns with the studio’s commitment to developing innovative gaming experiences.