How Non-Fungible Tokens Are Revolutionizing The Art World

Advancements in science and technology have significantly impacted the entire world. From architecture, real estate, agriculture, and health to education, business, telecom, energy, and all other major industries, modern-day inventions have completely transformed the way the world used to be. The field of arts and design is exception.

There was a time when graphic design appeared as a game-changer and transformed the dynamics of arts. Now the industry has reached a whole new horizon where artificial intelligence, machine learning, and blockchain have given a new meaning and shape to the field of arts. Countless people all around the world determine digital arts as their primary passion and area of interest.

From artists to fashion designers, everyone faced a common challenge which was all about the worth and originality of their work. Be it copyright infringement or fraud, artists have continued to face huge losses both in terms of rewards and recognition. But things have been rapidly changed with the advent of ultra-modern technologies such as Non-Fungible Tokens.

Non-Fungible Tokens

Commonly referred to as NFTs, non-fungible tokens are unique pieces of data that are stored on a digital ledger which is recognized as Blockchain. These are basically strings of cryptographic hash and serve as the proof of ownership when associated with any piece of digital art.

NFTs have influential tangible and non-tangible aspects. By stepping into this whole new world, artists have found unimaginable worth of their work. Whether it is a famous digital art piece or a short video or audio clip, it can be sold for millions of dollars as NFTs.

Why Sell Art As A Non-Fungible Token?

It is indeed an important question for those who do not have any idea about NFTs. Non-Fungible Tokens are built on Blockchain which is also used to create modern-day Bitcoins and all other Alt Coins. But there is a difference and that’s all about their capacity to be exchanged.

These virtually existing bitcoins or cryptocurrencies are used as a commodity to exchange goods and services. Due to the fact that each bitcoin or altcoin is similar to the other, just like a dollar is similar and equivalent to another dollar, these virtual currencies also have similar properties and that’s why they can be exchanged. On the other hand, each NFT is unique in nature and possesses a unique worth due to which non-fungible tokens cannot be transferred or exchanged.

This is the real deal for artists because they are able to sell their work as an NFT which will always reflect the true owner of the object and can never be transferred to anyone. These unique characteristics make NFTs highly distinguished and secure from anything else in the world. As a result, they are now widely used for the purpose of purchasing ownership rights of any unique piece of digital art in the world.

A Win-Win For Buyer And Seller

NFTs are beneficial for both the artist and the one buying the art. As a result of this deal, the piece of art gets tokenized to represent its actual ownership which belongs to the buyer.

On the other hand, artists can make smart and unique contracts like earning a portion of every future sale that happens. If the artist or the piece of the art becomes famous then it can be again sold for an even much higher price making a win-win situation for both parties.

According to the latest industry facts and figures, it is quite evident that the surge in NFT buying began at the start of this year. Countless people all around the world showed great interest in buying art as non-fungible tokens, and as a result, it has now become a multimillion industry.

This gave rise to a whole new concept and allowed everyone to collect unique objects for life but in addition to that, it become a significant source of earning for digital artists all over the world. One of the most famous NFT deals that grabbed everyone’s attention was Beeple’s artwork ‘Everydays: The First 5000 Days’ which was sold in an NFT auction for around $69.3 million. Next to him, Jack Dorsey, the founder of Twitter sold the first tweet for $2.5 million and then the industry kept on growing exponentially.

Most of the industry critics say that the market is highly speculative which is why people experience huge gains as well as losses. As of March 2021, the industry’s total worth reached $220 million in just a year. Keeping this in mind, it can be easily concluded that the demand for non-fungible tokens is continuously rising and people have continued to show greater interest in this new form of Proof of Ownership.

What Is The Future?

NFTs have now become the center of attraction for investors and capitalists all around the world. Countless people from all over the world are now taking a huge interest in spending massive amounts on buying ownership of unique art pieces as non-fungible tokens.

Along with that, all the key industry stats, figures, and forecasts mentioned above clearly highlight the rapidly rising demand for NFTs globally. When it comes to talking about the risks and challenges, there are many industry critics who think that it is a bubble that won’t last for long. But at the same time, there is a huge number of people with a firm belief that the industry will keep on thriving and expanding in the future.

Digital artists on a global scale are attracted towards this all-new and lucrative industry to make huge earnings and gain unmatched fame in a world that is yet to be explored thoroughly which shows a bright future of NFTs.

The writer can be reached at salman4pk@yahoo.com