Welcome to the excitingly glamorous world of Non-Fungible Tokens, that you might know as the NFTs. These are the new frontiers in creating revenue, especially in the art and entertainment industries. But are they, though, ‘NEW,’ I mean?
Well, not! NFTs have been around for almost a decade now. Back in 2014, the world was introduced to this unique term which only managed to gain popularity in recent years. You guessed it!
Just like many other revolutions in the digital world, like the cryptocurrency boost, the immense popularity of online Keno casinos, and others blessed by the Corona period, NFTs also rose high on the market trend. It struck over $2.5 billion in sales in the first half of 2021, with $1.2 billion claimed by July alone. Sick!
At first glance, a cartoon picture, a Twitter punch line, or a crypto art may not seem to have much value, but you can make them valuable through NFTs. This increasing trend has people investing billions in music, art, sports, and more to transform the finance industry.
Wait, This is not the end. Let’s unravel how NFTs are affecting the art world as we move forward.
Assisting Marginalized Communities and Social Causes
NFTs provide a platform for artists to share their masterpieces and sell them at unmatched prices regardless of their background. This is especially beneficial for people who are from underserved communities, and it is hard for them to gain visibility and share their stories.
However, NFTs have broken all the cultural barriers to foster a greater understanding and appreciation for the art representing cultural values and whatnot.
Additionally, NFTs can also be used to support social causes since artists can donate a portion of their sales to charities and non-profit organizations.
A great example of such philanthropy can be seen coming from major brands like Coca-Cola Cola who joined in the NFTs trend by selling a collection and donating the proceeds to charity.
Enabling Artists To Overcome Barriers
As an emerging artist, gaining recognition and making people recognize your talent is incredibly hard. Sometimes, you might not even have the opportunity to grow above and beyond your circle. However, NFTs give everyone equal chances to demonstrate their talent.
With NFT marketplaces, artists can reach a global audience without spending millions to secure a place in the physical gallery spaces or striking connections throughout the world. You only need to create a digital art piece and put it up for everyone to see.
NFTs have boosted the chances of success of artists by providing them the golden opportunity to build their careers.
Proving Ownership and Authentication
One of the major concerns in the world of art is the forgery of masterpieces. You might have seen several art pieces selling for millions on a spree, but in the end, they are fake centerpieces.
NFTs tackle this major issue since they are one of a kind and unchangeable. Yes, you might see thousands of its copies, but the original ownership remains the same, making it impossible to create its forged replicas.
The ownership shows the legitimacy and authenticity of the artwork and its owner. NFTs are supported by blockchain technology, which further strengthens their improbability to be changed or replaced with a fake.
Blockchain technology stores the digital certification that stays even if it is sold. This whole process provides a sense of trust and transparency to both the art creators and purchasers that is hard to come by in the physical art market.
NFTs are changing the art ownership game, and single ownership of a digital piece is worth more than you can imagine. Almost everything can be turned into an NFT, and artists can monetize their works throughout the world.
The major reason behind the skyrocketing demand for NFTs is the fact that a specific group of people does not determine their worth but the whole public does, regardless of rich or poor. Instead of wondering how to gamble your money and what is the best Bitcoin casino? You can spare some time to indulge in NFTs and put up your art to be recognized by the public.