July 5, 2022
By Sharan Kaur Phillora
The evolution of digital spaces has introduced not only realistic digital avatars but also fuelled new approaches for digital ownership. As a result, the newly emerging online marketplace has changed conventional approaches to creating and exerting ownership of digital assets. The scope for NFT art has been growing profoundly in recent times since the $69 million NFT sales in 2021.
Here’s everything you need to know:
Artists no longer need to rely on brick-and-mortar galleries or commissions to make a living. They can now create and sell their work online directly to art buyers and collectors. Additionally, with platforms like Meta and Instagram now accepting NFTs, it’s easier than ever for artists to get started.
The acceptance of digital tokens as a form of payment is still in its early stages, but simplifies the process of transfer and completely circumvents the processes involved in packing, transportation, and insurance of artworks.
It’s important to note that not all digital art is created equal. Some pieces are more valuable than others because of their uniqueness, rarity, or the artist’s reputation. It’s also important to remember that there is no guarantee that an NFT will appreciate in value over time. Just like any other asset, its value is subject to market conditions. There is a growing interest in NFTs as an addition to portfolio diversification.
As the world goes digital, it’s no surprise that art and collectibles are following suit. Non-fungible tokens (NFTs) are digital assets that are unique and cannot be replaced. This means that they can be used to represent anything from a piece of artwork to a virtual world asset.
Ultimately, NFTs have added significantly to a growing interest in art, music, and gaming communities, and are becoming an important part of how we interact with digital content. It’ll be interesting to see how this technology develops in the coming years.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.