An NFT made up of 100 individual pieces from 100 different artists has sold out within minutes on the Rarible platform, raising almost $89,000.

Although the auction corporeality is far from tape-breaking, the project is noteworthy in that information technology is a mass collaboration th has taken shape through an individual not-fungible token, or NFT.

NFT curator "Loopify" told Cointelegraph the work had been inspired by the current limitations for lesser-known artists to mint and sell their own NFTs such as loftier gas fees, limited understanding of the tech, and little visibility.

"The chief idea behind information technology was that I chose a lot of artists and they had a huge barrier [minting fees] — this allows them to pursue creating NFTs."

Minted on NFT platform Rarible, Loopify originally listed 150 editions for 0.3 ETH (approximately $475) each on March 3. Less than 24 hours later the editions have already risen in value by almost 7X, and are changing easily for 2 ETH, with the most expensive edition currently listed at four ETH past "Artist." That's more than 13 times the original price.

While the identities of all 100 artists are even so to be revealed, Loopify told Cointelegraph that the compilation includes work from Vexx, whose YouTube channel has almost three million subscribers and a quarter of a billion views, adding:

"We do take a couple of big artists and 1 that is new to NFTs"

The funds raised will be transferred into stablecoin USDC earlier being distributed equally to the artists. This procedure allows artists to enter the space and reap the rewards without having to pay gas fees or sympathise the technology behind NFTs Loopify explained.

Enjin running faster

Enjin, whose team created the ERC-1155 token, or semi-fungible token, is also tackling the gas fee barrier for incoming NFT artists. The project has just appear plans to release a new scaling solution dubbed JumpNet that volition use the ERC-1155 token to let users to mint and port tokens on multiple chains without gas fees.

Enjin CTO Witek Rodmoski explained that, "These technologies will enable developers to reach mainstream users and provide mod experiences without worrying about unpredictable business organisation overhead acquired by gas fees," adding:

"JumpNet is our high-speed bridge network that will let creators to mass-distribute thousands of NFTs at no toll. Tokens on JumpNet tin can bound between the Ethereum network or Efinity (our upcoming NFT highway) when information technology launches subsequently this year."

Although phase 1 is due to launch on April half-dozen and will support the free minting and trading of NFTs on Ethereum, it volition non exist until the 2nd phase Efinity before the solution will support "assets from *whatsoever* blockchain."

Interest in NFTs has snowballed this calendar week, with Banksy, Grimes, Paris Hilton, and Deadmau5 getting in on the human action.