NFT art is creating buzz across the art and cryptocurrency industries. Whether it was Nyan Cat GIF, Jack Dorsey’s first tweet, or Beeple’s work, each one of these is making headlines. Their impact further bled into creative fields like digital fashion and gaming.
These virtual tokens have been around in cyberspace since 2014. But they gained popularity not long ago due to the developing technology and increased digitization of the world. In addition, a number of NFT art platforms have entered the digital market, where users buy and sell these unique digital assets.
What is NFT Art?
Non-fungible Tokens, known as NFTs, are digital collectibles that can be bought or sold with cryptocurrency. Digital items like pictures, songs, video clips, GIFS, trading cards, virtual outfits, or even tweets can be NFT art. A digital ledger records all the transactions involving NFTs using the Ethereum blockchain.
Unlike other cryptocurrencies, NFT art is almost impossible to copy. This makes them unique, irreplaceable, and valuable in the marketplace. Although the buyers and collectors own the digital tokens, the art creator still holds copyright and creative rights.
Also known as crypto art, these digital files revolve around the idea of creating digital scarcity. These assets are similar to physical goods, but these come with more promising permanent recording and tracking benefits.
Top Market Places for NFT Arts
Nifty Gateway is a high-end NFT marketplace. It partners with top artists, athletes, and creators to sell their digital records. This was the platform that auctioned and sold the artworks of the famous artist, Beeple for $6.6 million.
OpenSea is the first decentralized and the largest NFT art marketplace. Anyone can buy or sell digital collectibles like video games or any virtual goods. This relatively new startup saw the total sales of NFTs worth $160 million just in one month.
SuperRare goes by the description of “Instagram meets Christie’s” in the NFT market. This platform accepts applications from digital artists before allowing them to auction their works on it.
Foundation was launched with a clear goal of bringing creators, admirers, collectors together. It further aims to become the new creative economy for digital art. Through a simple user interface, people can sell, browse and buy digital art.
Rarible is a platform that allows creators to mint new NFTs and sell them on the same platform. Digital assets traded on this platform include books, music albums, digital artwork, games, metaverses, and movies.
Impact of NFTs in the Art Industry
Broader Reach for Digital Art
Unlike other assets, NFT art is intangible, and owners cannot physically hold them. But the market for these digital tokens is still going strong, with artists like Beeple making millions by selling artworks. This new market opened up a new way for digital artists to spread their arts across the world.
Increased Art Collections
Art collectors heavily drive the new marketplace for NFT art. They can collect as many digital assets as possible, and the proof of ownership is clearly mentioned in the network.
A Novel Way of Selling
Artists create and mint their art into NFTs and sell them on rising crypto art platforms. These NFT tokens financially support the artists while also promoting their talents. The creators sell their artworks for millions, and they also get a percentage every time someone resells their work.
Verification of Authenticity
Unlike tangible artworks, NFT digital art is verified before recording the transactions in the ledger. No modifications are allowed in these records, and only when there is re-sale changes are made. Anyone can view the authenticity details, transactions through the nodes in the network.
The Next Renaissance in Art: NFT Digital Art
In recent times, the craze for digital art is becoming high. The ease of collecting and sharing them on social media is what makes them alluring. Artworks as NFTs come with additional benefits such as proven authenticity and no duplication issues.
While this is clearly a renaissance in the art community, many environmentalists worry about the significant carbon footprint produced by NFTs. Both artists and technological experts are working towards creating a more sustainable option for trading these virtual artworks.