Non Fungible Tokens (NFTs) and Cryptocurrencies have been around since almost 2017 but how are they changing the landscape for artists? What’s the driving force for artists to bring home these new technologies? Well, for starters, NFTs and Cryptos have created quite a buzz in the market and are truly liberating artists. Through these currencies, artists can now have complete ownership of their work in the metaverse – these technologies verify the existence of any artwork created digitally.
Talking about the current scenario, artists are creating ripples by selling their creations globally without a hitch. Collectors and art admirers have spent almost $200 million on a myriad of NFT-based art, and that’s just a month’s total. It’s apparent how important NFTs have become because wherever we see, there’s news about a new sale in the NFT art industry or an artist is dropping their new collection for auctions.
How is it Empowering Artists?
Digital tokens such as NFTs are rapidly changing the way we perceive the art world. It’s revolutionizing how artists are paid per project and how they can take ownership of their work. Through NFTs, one can create anything they want and still have a revenue stream when they register their work on a blockchain. In the past few years, NFTs have created several platforms for people from different walks of life to display their talent and earn through it.
When we talk about the metaverse, the first thing that comes to mind is its accessibility. NFTs are making it more convenient for people to create a diverse space by introducing new faces of the metaverse – to get rid of traditional methods and have a fresh perspective.
The biggest advantage of NFTs is how this digital asset is enabling artists to launch their art pieces without having to own a studio. They can simply monetize their work by displaying it in NFT-enabled galleries and exhibitions, providing them with a chance to explore new visual effects supported by augmented reality.
Onwards and Upwards from here
Earlier when these innovations were introduced, artists were skeptical about the outcome and how are they going to fit into the entire phenomenon of digital art. However, with the rise of originality as a concept and the introduction of digital certificates in the form of NFTs, it has become easier for artists to trust the process. Not just the artists, these technologies are allowing the purchasers to become owners of one-of-a-kind art pieces.
But what if someone can just copy and paste a digital art piece? It’s very much possible but with the authentication provided by NFTs, it’s almost impossible to replicate the original. It has created a powerful system of verification, and that’s exactly what artists and collectors need to feel secure about the purchase.
It’s only an uphill journey from here for everyone involved in the process and NFTs will have a long-lasting impact on the progress of the art industry.