The Impact of NFTs on the Art World

  • Jun 22, 2022

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In today’s day and age, technology has dominated our life. It seems like everyone across the world cannot survive without the internet and digital technology such as our smartphones, laptops, and tablets. Every technology has a purpose from the beginning. Every time technology is upgraded to another level, it combines with the earlier ones to produce a new technology that is superior to the old one. It keeps going on and on to the point that it is understandable that many people have found it difficult to keep up with it. 

 

It is undeniable that technology has overgrown every kind of industry in a very short period of time, and many people find it impossible to picture life without relying on the technology that we have now. Thanks to the advancement of the internet for making this possible. Many industries have been impacted by the internet and technological development including the art industry. 

 

Over the years, people in the art industry have had a lot of room to adjust their artwork and depend on the new and advanced technologies to find different alternatives as technology has progressed day by day. As there are so many tangible pieces of art in our society, digital artworks have long been overlooked and underappreciated since they are so easily accessible everywhere online. That is why, with the help of the internet and technological advancement, the existence of NFTs or non-fungible tokens are here to help today. 

 

What is NFT Art?

 

As we are all aware, digital artwork is very accessible online. People can copy and paste it anywhere without having to credit it to the creator. However, unlike the old digital artwork, NFTs make it impossible for other people to own the art other than the owner who brought the artwork themselves. By registering their artwork on blockchain technology, a type of online ledge, using NFTs, artists can turn their creations into one-of-a-kind digital assets, and their value changes according to the number of demands.

 

A digital certificate used to purchase and sell the artworks demonstrates ownership of the physical or virtual art that has been created. These digital artworks on NFTs can only have one legitimate owner at a time. Although other people can still view the art piece online, the ownership of the artwork is still going to be under the buyer’s name only. You can check out this website if you are looking for NFT art news updates Malaysia.

 

 

 

How does It Impact the Art Industry?

 

The need for digital art is growing more and more as we move deeper into the digital age. The only issues with digital art are its lack of distinctiveness and authenticity. When a piece of digital artwork is created and uploaded on the internet, it gets downloaded and copied by a large number of people. However, as mentioned before, NFTs have the ability to create a digital art piece that resembles actual works of art and it is impossible to reproduce the original piece of art since NFTs are stored on the blockchain network. 

 

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NFTs are proving to be a much more practical way for artists to monetize the digital artwork that they produce. A creative revolution in the art industry is being sparked by the existence of NFT art, which can help in altering how artists can market their work even through online platforms. 

 

On top of that, as artists can compare prices and confirm the legitimacy of dealers, collectors can also gain something positive from this system. Digital artists can commercialize their artwork, earn millions from the auction sales, maintain its authenticity, and reduce the risk of piracy, thanks to the qualities of the NFTs. 

Category: Business / General