The success of NFTs has crossed borders, and many companies are beginning to accept these assets. The Facebook metaverse users have explored this avenue to launch their own investments, while Twitter, now in the hands of Elon Musk, has already begun to bet on these tokens for users to use as profile photos.
NFT stands for non-fungible token. In the economic sector, a fungible asset is something with units that can be easily exchanged, such as money. With money, one can exchange a 10-euro bill for two five-euro bills and they will have the same value. However, if something is not fungible, that is impossible: means that it has some unique properties, so it cannot be exchanged.
Richard Silvera, a young Uruguayan artist with more than 10 years of experience in the world of digital creation, decided to take advantage of the potential of NFTs to create his own collection. And not only that, to reach more people and potential buyers, he created a museum in the metaverse where he could display all of his creations. Today, has generated more than 200,000 dollarsabout 185,000 euros, for the works he has sold on this platform.
From advertising to the digital world
Silvera began working in the world of advertising and audiovisual communication, creating all kinds of designs for multiple clients, and later, she chose to open her own graphic design studio and post-production services. The pandemic caused him great monetary losses and, since he usually invested in the cryptocurrency market, he decided to launch himself into other similar businesses that continued to report income. He expanded his knowledge on blockchain and opted to combine his passion for art with the sale of NFT which was already beginning to take off. “It was at that lowest point that the possibility of producing these designs arose,” he explains in The Observer.
Many of his collections are based on religious themes due to his faith and little by little he created more than 3,000 designs. This opportunity made him open his mind and soon new ideas arose. It has created two companies related to NFTs, ‘Generative Miners’ a collection that is sold in the metaverse and is created randomly by a computer, and the first digital restaurant, ‘CryptoSushis’, with 90 different food designs. All the pieces are exclusive and incorporate high security mechanisms in order to preserve that unique factor. As he explains in his Web“each work carries a serial code and a specific number of copies for sale, offering more transparency. This prevents the sale of pieces in other markets without the knowledge of collectors.”
On its sales website, the designs have prices from 800 to more than 30,000 euros. In order to further boost its sale, since at first it was exhibited in a video while the object was spinning, it decided create a personalized museum in the digital world. Silvera found in the metaverse the perfect space to invite buyers to visit her works through 3D digital sculptures. “There is a very different experience between visiting a traditional museum and a 100% virtual one. Both will continue to exist, it is not that one is going to replace the others,” says the artist in the Uruguayan media.
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