Bluethumb Digital is launching a third exclusive collection, Free Frida, as interest in NFTs (Non-Fungible Tokens) in Australia is predicted to see significant growth in 2023.
The popularity of NFTs – including digital art, collectibles and other digital asset ownership on the blockchain – hit its peak in mid 2021 as cryptocurrency values were at recent highs. Since then, the NFT market has cooled off but interest in collection and investment remain constant. Market insights company Grand View Research estimates that the NFT market will increase from USD13 Billion to USD200 billion in 2030 due to interest in how NFTs can offer solutions for ownership in the real world, and as Bluethumb Digital expects, change the way that art is appreciated, owned and shared.
Growth in the NFT space is expected to happen on the Ethereum blockchain, which shifted to a more eco-friendly system this month, cutting around 99% of the network’s energy usage. Consumption of large amounts of energy has been a consistent criticism of blockchain technology. A study conducted this year by Columbia University’s Climate School claims 150 terawatt-hours of electricity is being consumed annually – more than the entire country of Argentina, a population of over 45 million.
Amidst this backdrop, Bluethumb’s third collection comes during an exciting time, marks a first collaboration with Sydney-born artist Yasmin Shima. An artist with a global influence, Yasmin has released NFTs with Coinbase and the WNBA league in North America, and was a speaker at an NFT LA event organised by women-led project Women’s Tribe, alongside Alo Yoga and Fame Lady Squad. Her mark in LA can be seen in a YOTW mural in Fameyard, off Melrose Avenue. Other achievements include being selected as one of over 200 artists for the NFT Diversity Artist Showcase in Times Square and Marriot Marquis, and travelling to New York to attend and preview her work showcased in Times Square.
The upcoming Free Frida collection is a selection of seven artworks by Yasmin, who is also the artist and founder behind NFT project Year of the Woman, alongside four other founders. Now sold out, the collection of 10,000 pieces includes famous celebrity Eva Longoria as a collector. The Hollywood actress has purchased three pieces of Yasmin’s artwork.
Yasmin Shima turned to art full time during the COVID-19 pandemic and hasn’t looked back. Having turned to digital art when she found herself unable to use a traditional easel following a surgery, Shima discovered NFTs in 2021 – as many artists did – and has discovered a new way to continue to create art that allows her to support herself.
In our Artist Series Video: Part 3, Yasmin discusses the possibilities of NFTs, community and art.
Similarly, the NFT boom has helped many other artists realise that they can leverage the power of cryptocurrency technology to earn from their work. Today, the average price of a NFT on Bluethumb is .66 Ethereum (around AUD $1,325 at the time of writing) and artists will earn 85% and 7.5% resale royalties. However, there is still a strong under-representation of Australian artists who are selling their artworks as NFTs. According to a survey conducted by Art Tactic, artists from the UK, US and Canada accounted for 77% of sales in the NFT market.
Bluethumb Co-Founder and CPO George Hartley on supporting Australian artists, “We are so excited to launch Bluethumb Digital’s third NFT collection which shines a spotlight on Yasmin’s artwork. Partnering with an artist of Yasmin’s calibre is a vote of confidence in the Bluethumb Digital mission and we’re always proud to support Australian artists. Despite a declining crypto market, we’re still seeing strong demand for high quality, curated NFT art like Yasmin’s. Crypto bear markets don’t last forever, and I treat them as a great time to acquire quality art when the price of Ethereum is lower.”
Yasmin Shima on the launch, “Bluethumb has been instrumental in bringing digital art created by Australian artists to the world. NFTs have revolutionised the way art is created, appreciated and collected. To be a part of their latest collection is a privilege.”
Artworks will be available for viewing on 25th September, with the public launch taking place on 28th September. Any artwork held from Bluethumb Digital’s inaugural Genesis collection will give the owner priority access to the Free Frida series and future collector pieces in Bluethumb Digital collections, plus other exciting benefits across Bluethumb’s physical and digital offerings.
Watch a video below for a sneak peek of the collection and follow our socials for the latest updates on Free Frida.
Dropping September 28 at: bluethumb.digital/yasmin-shima