The photo of Madonna and Britney Spears’ famous passionate kiss, which occurred during the 2003 MTV Awards, will also be auctioned as an NFT on a dedicated platform.
With Madonna and Britney’s kiss, the cryptograph and the NFT auction
The star photographer who captured the moment, John Shearer, decided to publish the photo on the NFT platform Cryptograph, where it is expected to become one of the most coveted pieces in the collection. As is customary with the platform’s auctions, a portion of the proceeds will be donated directly to charity. In this case, it was decided to donate a portion of the proceeds to GLAAD, an organization that fights discrimination in the LGBT community.
Cryptograph, founded in 2020 by a group of entrepreneurs, investors, and blockchain and crypto pioneers, has carved out a significant space in the NFT market. It has been able to assist 26 charitable organizations in just over a year thanks to its innovative technology and, above all, its philanthropic purpose.
On the Ethereum platform, gas-free auctions are possible.
Cryptograph is unique in the world of NFT auctions due to its innovative bidding system that does not require gas (Ethereum fees per transaction).
The bidding is enabled by a one-of-a-kind sidechain that eliminates the high gas fees that users must pay. The platform has developed an innovative new type of bidding, the Gonnaud-Bessire-McDonaugh (“GBM”) auction, which provides a safe and fair model in which bidders receive up to 10% of their bid until they are outbid.
Non-profits, blockchain, and cryptocurrencies have long been linked. This is because blockchain technology lends itself well to charitable organizations due to its disintermediation, privacy, and security features. Many of the most important charities are already raising funds using blockchain and cryptocurrencies. The Red Cross, Save the Children, United Way, Wikimedia Foundation, and Electronic Frontier Foundation are among them.
Expanding the NFT business
The NFT market has entered a period of exponential growth following the record-breaking sale of Beeple’s digital artwork for more than $69 million. According to a recent report by the company nonfungible.com, over $2 billion would have been spent on NFTs in the first three months of 2021 alone, a 2.100% increase over the fourth quarter of 2020. According to DappRadar, NFTs generated $1.2 billion in revenue in a single month in July 2021. On the first day of August, daily trading volume on OpenSea’s market, the world’s largest NFT trading platform, surpassed $49 million.
According to experts, this incredible success could stimulate the auction and art market, which has been in a deep crisis for some time. Furthermore, the development of new blockchains such as Solana, Polkadot, Cosmos, and EOS that are faster and cheaper than Ethereum could be a driving force in the NFT market.
NFTs have become a profitable tool not only in the art world, but also in the sports world. As evidenced by the record sales of some historical NBA game clips or NFL memorabilia to digital collectors for thousands of dollars.