Since Kevin McCoy created the first one, “Quantum,” in 2014, NFTs have become a phenomenon. A pixelated image of an illuminating octagon with several circles and other shapes made up Quantum.
Despite the fact that McCoy is credited with the invention, NFTs did not gain traction until 2021. When Winklemann’s EVERYDAY collage sold for $69 million at auction, the world realised that NFTs were more than just images or GIFs.
Since then, they’ve only grown in popularity, with many digital artists taking advantage of it to sell their limited-edition works for exorbitant prices. You could argue that the money poured into the industry has aided its growth.
True, but it’s not all about the cash. NFTs have changed a lot of things, and their growing use cases show that they aren’t just a fad, but something that is here to stay for the foreseeable future.
So, what exactly is the role of NFT in the arts? Will their entry into the art world have a negative or positive impact on the growth of art? Before we get into the answers to these questions, let’s go over what crypto is for those who aren’t familiar with it.
What Are NFTs and How Do They Work?
NFT is the most commonly used term in DeFi (along with cryptocurrency, of course), demonstrating its popularity. Non-fungible Tokens, or NFTs, are digital assets that represent a physical object. It could be a video, a letter, a piece of paper, a photograph, or audio.
This digital asset class is a one-of-a-kind, one-of-a-kind, one-of-a-kind, one-of-a-kind, one-of-a-kind, one-of-a-kind, one-of-a-kind, one-of- Because it only has one owner at a time, an NFT item has no duplicates. The chances of being defrauded by some unscrupulous individuals are slim to none.
The records of the transaction are stored on the parent blockchain where the NFT was minted once it has been purchased. Solana, Ethereum, Cardano, and other blockchains could be used.
The owner of the item has full rights to it and can sell it once the transaction is saved. The ownership of the property changes as a result of this. There can’t be two owners at the same time.
It’s similar to buying a painting at an auction or from an artist to own a digital piece of art or an NFT. The difference is that you buy the art with cryptocurrencies rather than fiat money. You might wonder why they’re so expensive.
Because of its uniqueness and rarity, all art is expensive. Owning them boosts your self-esteem because you know you’re the only one on the planet with one. As a result, in the DeFi world, an NFT item’s uniqueness makes it expensive.
NFTs and Art: A Symbiotic Relationship at the Crossroads of Two Worlds
Since the dawn of time, man has been enamoured with the arts and has never stopped painting or creating beautiful works. Art is love, expression, and nature in and of itself. However, only a small percentage of the current generation is interested in the arts.
There has been a significant drop in interest in its value and meaning, which we believe is due to the internet and technology. At the very least, a portion of it.
However, the same technology is now available to rekindle a long-dormant interest in art. NFTs have become the force that the art world requires to rekindle interest in art, thanks to blockchain.
Digital artists can now turn their artworks into NFTs for customers to consume, as the world has become more social and the level of online activities has increased exponentially. NFT is assisting the art world in this way.
That’s only one example. What are the advantages of NFTs for artists? Modern artists would attest to the difficulties they face when participating in art auctions and exhibits, ranging from the cost of an exhibition to the distance they must travel and the fact that they are paid nothing or very little for their efforts.
It’s gotten worse over time, and the Covid-19 pandemic, which is still wreaking havoc in some parts of the world, didn’t help matters.
NFTs have given artists the opportunity to support themselves without relying on galleries or auction houses. Artists can sell directly to customers in NFTs on marketplaces for good money rather than travelling long distances to sell an artwork or paying exorbitant exhibition fees.
Artists can earn a lot of money by converting their artworks into NFTs without going through the exhaustion that galleries and auction houses do. Artists can set up their royalties to receive a commission from subsequent sales, which is a unique feature. This isn’t something you’d expect to see in a physical art gallery.
The invasion of NFT exhibits and auctions into the arts is more of a boon than a curse. Digitizing artworks has changed the way we think about art and brought in a new source of revenue that no one could have predicted.
Many artists continue to participate in physical auctions and exhibitions, and some art collectors still prefer to purchase from auction houses. However, the universe is digitising, and it’ll only be a matter of time before NFTs completely dominate the art world.