Artist Doctor Troller sells NFTs worth GBP14,500 in under one minute
A UK-based digital artist sold an entire collection of digital artwork in under 20 seconds when it went online this week.
Doctor Troller, whose real name is Andrew Brown, an artist from south London, launched his digital collection of 40 works for GBP380 apiece via his website www.doctortroller.com and sold one of each totalling GBP14,500 in under one minute.
Brown sells digital works using Non Fungible Tokens (NFTs), registered tokens on Ethereum’s blockchain which prove ownership of a piece of digital art. Sales of NFTs have shot up in the past month with a digital artist called Mad Dog Jones selling his Fax Machine NFT for USD4.1 million in March.
Art produced by Brown has increased in value since he launched, bringing his NFT collection to just over GBP228,000 in value. Artworks, when resold, will earn the current NFTs holders 2 per cent royalties in Ethereum when a resale has happens. NFT copyrights are tracked mechanically via a commercial rights management company “NFT Intellect”, which monitor royalties owed to current NFT holders.
Brown says: “The future of art is digital, and the lockdown has certainly sped up the transition away from physical artworks. This has been a great experience for me and should open up new opportunities for artists to be able to monetise their content outside of the traditional gallery model.”