'We're Very Excited': World's First Physical Gallery Dedicated To NFT Art Opens In New York City

LOS ANGELES (CBSLA) - The world's first physical permanent gallery space dedicated to the exhibition of artistic works in NFT, a digital format that's exploding in popularity, has opened in New York City.

"Season One Starter Pack," featuring the works of 300 artists -- including Swoon, James Jirat Patradoon and Mashkow -- that rotates daily and displayed on high resolution 4K screens, opened March 25 at Superchief Gallery NFT in the Union Square neighborhood of Manhattan.

"We're very excited," says Superchief Gallery NFT founder Ed Zipco.

While no physical space is necessarily needed to view digital art, having a physical gallery for NFT art can show potential buyers, "what the artist's ideal intent was for" the work," Zipco tells Reuters. "It shows you how you live with the work."

NFTs — which stands for non-fungible tokens — are taking the art world by storm. On March 11, a montage of art that had been turned into an NFT by the digital artist known as Beeple sold for more than $69 million at a Christie's online auction.

An NFT is a collectible digital asset that, thanks to blockchain technology, is unique and therefore not interchangeable. NFTs can represent digital files such as art, photos, videos, audio and other forms of creative work.

Some believe NFTs are a fad, but others believe it's a game changer for industries like the art world, especially for digital artists.

The gallery, which sold $150,000 of art in its first week in March, accepts cryptocurrency payments. Artists receive 85 percent of the sales proceeds.

Superchief Gallery NFT is currently featuring the work of five artists per day through the end of May. Following Memorial Day, the space will be devoted to ongoing solo and group NFT shows.

"One of the best things about showing in this gallery in particular is... this is what's coming next," Cody Kennedy, a 44-year old artist whose NFT work, "In the service of," is currently on display.