Here's how NFT has invaded the art scene

NFT or Non Fungible Tokens is the latest buzzword that has invaded almost every sphere of life, including the creative industry

Suvigya SharmaUpdated: Friday, October 21, 2022, 09:52 PM IST
article-image
Pic: Freepik

“An artist is the one who shows what others can only catch a glimpse of”

The digital transformation and advancements in art, technology, and artists have created a wealth of opportunities for people to show off their skills and be recognized for their efforts.

Non-Fungible Token (NFT) Art is basically a digital asset that can be securely traded globally and provides a platform for the creative industry to step into the metaverse with the security of blockchain technology, where the artwork is safe from copywriting, digital theft, and manipulation.

The platform even eliminates the middlemen who take a big cut of the profit from an art sale, which gives the artist a big advantage to earn more. The trading takes place with a digital certificate, proving ownership of a unique digital asset that a person has purchased.

In the metaverse, the NFT programming is similarly done as with any cryptocurrency like Bitcoin, Ethereum, etc. So, if you want to sell your artwork on NFT, you would have to pay upfront to mint an NFT, and the NFT mining is done to create tokens on the blockchain.

Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. In terms of value, they are also equivalent: one dollar is always worth another, and one bitcoin is always worth one bitcoin. NFTs are unique. Each NFT has a digital signature and with that every NFT have different value, it can start from a few dollars to millions of dollars and this makes it non-fungible as they cannot be exchanged for one another or equated.

The value of the NFT is entirely based on the willingness of people to pay for it, thus the demand determines the price of the NFT, not the fundamental/technical/economic factors which often affect stock prices!

As NFTs have to be purchased through a website, hackers can get your art for free, then sell it for a quick buck and get away with it. Fortunately, two-factor authentication and a decent password can reduce the chances of someone accessing your account fraudulently.

For artists who are interested in making their career in digital art, NFTs provide a global opportunity and give them the chance to exhibit their work and receive its right value. The NFT technology allows us to be bigger, faster, and stronger through transparency.

The platform has helped the artists become more well-known for their work and has seen billions of dollars in sales of their digital collectibles. In India, approximately 90% of the trade happens between the age groups of 15-26 years old.

The world is indeed enamored with NFTs, and the technology has created the conditions for the just compensation of the artists who shape our culture. NFT artworks have altered the definition of art, helping to make the art world and art forms more inclusive of digital expression than ever. In contrast to more traditional art forms where the artist is limited to a canvas or a photo, digital arts have no restrictions and give the artist complete creative freedom.

(Suvigya Sharma is an international miniature artist and designer)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Ila Arun: I can't expect any commitment from younger generation

Ila Arun: I can't expect any commitment from younger generation

Tribute to Tabassum: Her son, industry friends and colleague share fond memories

Tribute to Tabassum: Her son, industry friends and colleague share fond memories

World AIDS Day: Interesting campaigns that helped spread awareness

World AIDS Day: Interesting campaigns that helped spread awareness

Career crisis: Here's how you can deal with it

Career crisis: Here's how you can deal with it

Come to the app side: Eidetic, Elevate and more.. top picks of the week

Come to the app side: Eidetic, Elevate and more.. top picks of the week