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NFT: Transforming the Art Society

Updated: Oct 15, 2023

NFTs, or Non-Fungible Tokens, are tokens used to signify ownership of goods. Non-fungible indicates that each item has a distinct identity and cannot be substituted with another. Fungible commodities could be transferred in this manner since scarcity can influence the value of goods. NFTs, on the other hand, enable users to "tokenize" objects such as art, music, and even real estate. These things can only have one owner at a time and are protected by the Ethereum blockchain, which prevents changes to the ownership record or copying in a new NFT. In the digital world, tokenized goods are developing a new identity. Using NFTs, each art item obtains an irreplaceable and distinct identity, as well as a clear indication of ownership.


Most NFTs are viewed as a progression of fine art collecting, particularly digital art. Digital art existed long before the blockchain, but it was easy to replicate and claim one's property as another's, just like practically all data. Most digital artists have jumped into the NFT movement after years of providing content that generates traffic and interaction on social media sites such as Facebook and Instagram while receiving absolutely nothing in return. Speaking of artists from all disciplines, filmmakers, musicians, and even authors envision a future in which NFTs revolutionise both their working techniques and the global values of art, given that buyers are capable of actually "owning" and selling digitised art for the first time.


NFT is a relatively new notion in our society. People find the entire market absurd: art collectors spending six to eight figures for works that can be freely downloaded and shared online for free. People find the entire market absurd: art collectors spending six to eight figures for works that can be freely downloaded and shared online for free. Critics see the NFT art explosion as just the next stock bubble, similar to this year's spike in "meme stocks" like GameStop. This movement is attracting an unusual set of people, including not just digital artists and collectors, but also speculators hoping to benefit from the latest craze.

The NFT frenzy reached a new high in March, when Christie's, the art auction house, auctioned off a computerised photo collage by an artist known as Beeple for approximately $70,000,000, making him the third most expensive living artist in art history. When an artist's popularity and followers grow, the original owner of the piece might resale it online at a higher price. With every prospective deal taking place, the artist has the opportunity to profit by 10% through secondary trading. The NFT art market creates a large and transformational secondary market for digital artists, allowing them to establish a new identity online by attracting the attention of online speculators looking for exceptional digital artists. When someone buys an art piece in NFT, they are purchasing a unique identifier for the digital artwork. As a result, the piece's ownership is recorded and preserved in the blockchain. NFT's ownership of the artwork has no bearing on how the artwork is seen or shared digitally. Instead, it operates in a manner akin to interactive trading. Owning a digital artwork with NFTs is highly transformable because each artwork's identity is marketable and shareable among collectors, steadily increasing its worth over time.


The only issues that arise from digital artwork transferred via NFTs are authenticity and uniqueness. When a digital artwork is generated and disseminated online, anonymous people download and share it, making tracking those activities impossible. Despite this limitation, NFTs have the potential to create digital artwork values comparable to real artwork values. NFTs are capable of transforming digitally identified arts into tangible assets in the real world. Because NFTs reside on the blockchain, it is difficult to reproduce the original artwork's identification. This feature of NFTs allows digital artists to monetize their work while remaining legitimate and avoiding hacking and duplicating difficulties.


Because of the extremely safe and feasible ways of sharing its identity through NFTs, digital art is gaining popularity. This novel technique through NFTs opens up new possibilities for artists and collectors. Art collectors are being enthralled by the importance of the digital art world. This novel technique through NFTs opens up new possibilities for artists and collectors. Art collectors are being enthralled by the importance of the digital art world. NFTs not only open up new revenue streams for art, but also allow for financial ownership. Aside from revolutionising the digital art industry, NFTs rethink the role of art in the global art market.


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