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The NFT art world

Posted on 7 April, 2021 at 9:45


What is NFT? It is simply a non-fungible token. Any artist can create an online artwork, tokenize it with a unique dash in the blockchain and keep that token as proof of copyright ownership. A blockchain is a transaction network that helps show who owns a given online asset.

A new art community of creators, online developers, and traders is pushing the art world into new era. It becomes more interesting when the online art marketplace started trading in non-fungible tokens, in cryptocurrencies on a blockchain platform. The blockchain ensures that the asset or NFT cannot be erased if a server goes down.

It all started in 2017 with Crypto Punks, a set of 10,000 randomly generated punks that proved demand for the digital ownership of non-physical items. The art market has evolved rapidly ever since then as the underlying develops, and artists are selling verified, immutable works of art.

Art lovers and collectors are waking up to the power of decentralized networks and currencies. With creators and collectors generating meaningful revenue through a entirely digital systems, the tokenization of gifs, memes, and MP4s is emerging as the most exciting and relevant blockchain use case.

Artists can always sell original artworks that are one of a kind; as well as book writers can still sign their books to make them more unique. In many ways, buying an NFT is like buying a limited-edition piece. An NFT is special and unique to the buyer but doesn’t mean that the original work’s copyright has been transferred.

NFTs have been around since at least 2017 when a company named Dapper Labs sold NFTs for digital cartoons. However, this recent NFTs boom is new and the courts have not even begun to address the legal and piracy issues this raises. The NFT mania exploded amid the pandemic as the world remained homebound and addicted to a screen.


Categories: Art around the Globe