The photo of the famous passionate kiss between stars Madonna and Britney Spears, which took place during the 2003 MTV Awards, will also be auctioned as an NFT on a dedicated platform.
Cryptograph and the NFT auction with Madonna and Britney’s kiss
John Shearer, the star photographer who captured the moment, decided to publish the photo on the NFT platform Cryptograph, which is likely to become one of the most coveted pieces in the collection. As is customary with auctions organized by the platform, a portion of the proceeds will be donated directly to charity. In this case, the decision was made to donate part of the proceeds to GLAAD, an organization that works against discrimination in the LGBT community.
Founded in 2020 by a group of entrepreneurs, investors and pioneers in the blockchain and crypto world, Cryptograph has been able to carve out an important space in the NFT market. Thanks to its innovative technology and, above all, its philanthropic purpose, it has been able to help 26 charitable organizations in just over a year.
Gas-free auctions on the Ethereum platform
Cryptograph is unique in the world of NFT auctions because of its innovative bidding system without gas (Ethereum fees per transaction).
The bidding is made possible by the unique sidechain created that eliminates the high gas fees that users have to pay. The platform has created an innovative new type of bidding, the Gonnaud-Bessire-McDonaugh (“GBM”) auction, which provides a safe and fair model in which bidders receive incentives of up to 10% of their bid until they are outbid.
The link between non-profits, blockchain and cryptocurrencies has long been close. This is because blockchain technology, due to its disintermediation, privacy and security features, lends itself well to charitable organizations. Many of the most important charities already use blockchain and cryptocurrencies to raise funds. These include the Red Cross, Save the Children, United Way, Wikimedia Foundation and Electronic Frontier Foundation.
Growing NFT business
Since the record-breaking sale of Beeple‘s digital artwork for over $69 million, a period of exponential growth has begun for the NFT market. A recent report by the company nonfungible.com, reveals that over $2 billion would have been spent on NFTs in the first three months of 2021 alone, an increase of 2.100%, compared to the fourth quarter of 2020. DappRadar estimates that NFTs generated $1.2 billion in revenue in a single month in July 2021. Daily trading volume on OpenSea’s market, the world’s largest NFT trading platform, exceeded $49 million on the first day of August.
This incredible success, according to experts, could stimulate the auction and art market, which has been in a deep crisis for some time. In addition, the creation of new blockchains such as Solana, Polkadot, Cosmos and EOS, which are faster and cheaper than Ethereum, could be a further driving force for the NFT market.
NFTs have become a money-making tool not only for the art world but also for the sports world. And this is demonstrated by the record sales of some historical NBA game clips or NFL memorabilia, sold to digital collectors for thousands of dollars.