Thanks to technological advances, art and artists have got even more space for creativity. Just look at NFTs (Non-Fungible Tokens)! They have caused an artistic revolution by changing the financial value of digital art. Let’s see how NFT art marketplace v-art.digital helps artists in selling their work directly to art connoisseurs.
What is NFT Art?
Compared to traditional works, digital files can be accessed with ease. Even though they have an owner, they can be copied and pasted by everyone.
Digital files can be viewed as NFT art, a unique and non-interchangeable unit of data stored in a database. They can be traded and verified with a digital certificate. Even though they don’t exist in the real world, they are available to the public. Thanks to blockchain technology, their owners can’t be changed.
What is the technology behind NFTs?
NFTs are based on blockchain technology, namely a distributed public database that stores all the transactions. They typically rely on the Ethereum blockchain as the most reliable one.
NFTs involve digital objects that represent both tangible and intangible items. These include:
- Graphic art
- Virtual avatars and video game skins
- Music content
- Videos and sports highlights
Believe it or not, tweets also belong to the category of NFTs. The first tweet of Jack Dorsey, the co-founder of Twitter, was sold as an NFT for almost $3 million.
NFTs function as physical collector’s items transformed into a digital format. Instead of holding a real item in your hands, you have got a digital file instead.
NFTs can have only one owner at a time. With blockchain technology, it has become easy to verify ownership and manage tokens by sending them from one owner to another.
How do artists price NFTs?
Selling one’s creations by means of NFT isn’t difficult. The representatives of different sectors have already enjoyed the benefits. Thus, artists have got better chances to introduce and sell their works to third parties.
To estimate the value of each particular item, traditional artists consider the number of resources used throughout the creative process. In the world of NFTs, the price depends on how the target audience perceives it. For example, an animated GIF of Nyan Cat was sold for $500,000. Grimes’ digital art of spear-wielding babies was sold for almost $5.8 million.
Why NFT's are gaining so much momentum in the art world?
Digital art found its modern representation in NFTs. But there are some more reasons why it has gained so much momentum in the art world.
Freedom of expression
The NFT system boasts an excellent ability for artists to express themselves. Digital art eliminates all the limitations. Artists are free to change the world of art by introducing more inclusive forms of digital expression.
Unusual, extraordinary, and even provocative art styles are very welcome. They make the world brighter. And they receive a great amount of attention from the collectors and investors in NFT art. Whirling 3D images, street-style artworks, and cartoons have already found their place in the marketplace.
No third parties involved
Digital art doesn’t need any third parties being involved. No galleries and gatekeepers with their drastic commissions are required anymore. Everything can be done in the online marketplace.
The artists who produced NFT art get together to form online communities. These are the spots where artists can help each other with a wide range of questions. Selling opportunities are some of them. So every artist can sell his item and stay in the ownership records to be tracked by the audience.
Proof for many
The growing use of NFTs proves the digitalization of the modern world. Technological developments like cryptocurrency and blockchain surely determine the future of the world. Well, blockchain technology has already improved voting security by minimizing insurance scams and strengthening healthcare mechanisms.
NFTs have determined a new phase in the development and promotion of digital artwork. Thanks to unlimited opportunities, NFTs are used by artists, gamers, and business companies across the world.
Every day, new NFTs are introduced in the marketplace. No need to say how profitable they can be. The great value of NFTs suggests that the digital works created by artists have a future in the art world.