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Unusual way Grimes made $7.5m in 20 minutes

Lucy Dean
·1-min read
Grimes, left, and Elon Musk attend The Metropolitan Museum of Art's Costume Institute benefit gala celebrating the opening of the Heavenly Bodies: Fashion and the Catholic Imagination exhibition on Monday, May 7, 2018, in New York. (Photo by Charles Sykes/Invision/AP)
Grimes, left, and Elon Musk attend The Metropolitan Museum of Art's Costume Institute benefit gala in 2018. (Photo by Charles Sykes/Invision/AP)

Singer Grimes has made more than US$5.8 million (AU$$7.46 million) within 20 minutes by selling cryptocurrency-themed artworks online.

The Canadian musician auctioned off 10 pieces of digital artwork in her WarNymph Collection Vol. 1 earlier this week, with the artworks presented for auction in the form of 10 NFTs (Non-Fungible Tokens).

NFTs are a form of non-replicable token or digital asset. Essentially, they help create digital signatures to verify original digital artworks.

They’ve become an increasingly attractive asset, with billionaire investor Mark Cuban endorsing the investment. The crypo-art market itself is estimated to be worth more than $129 million.

Within 20 minutes of kicking off the auction, Grimes’ works had earned more than AU$7.46 million.

One piece in particular drew more than $387,538 in bids, with the artwork of a baby guarding Mars now being listed for resale at $3 million.

Other artworks feature Grimes’ music overlaid and depictions of mythical life in space.

The singer and wife of Tesla billionaire Elon Musk plans to expand on the WarNymph collection to show the main character featured, ‘The Goddess of Neo-Genesis’ battle “obsolete ideas and systemic decay”.

Grimes’ foray into the crypto-art world comes as husband Musk continues to exert power over the crypto-market.

Bitcoin slid a massive 14 per cent in 24 hours last week, partly led by a tweet from Musk describing its value as “seeming high”.

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Image: Yahoo Finance
Image: Yahoo Finance