NFT, also known as Non- Fungible Token, are tokens used to represent one’s ownership over items. Non-fungible means that each item has its own unique identity and cannot be replaced with something else. In this way, fungible items could be exchanged because their scarcity can be a determining factor of the value of goods. Unlike this, NFTs allow people to “tokenize” items such as art, music, and even real estate. Those items can only have one owner at a time and are secured by the Ethereum blockchain, preventing modification of the record of ownership or copying in a new NFT. Tokenized items are gaining a new identity in the digital world. By utilizing NFTs, each art piece gains an irreplaceable and unique identity and clearly shows the ownership of each piece.
The NFT craze hit a new world record in March when Christie’s, the art auction house, auctioned off a digital photo collage by an artist who goes by the name of Beeple for nearly $70,000,000, immediately making him the third most expensive living artist in the art history. The NFT art market opens a broad and transformative secondary market for digital artists; helping them attain a new identity online by getting noticed by online speculators looking for phenomenal digital artists. When someone purchases an art piece in NFT, they are buying a unique identifier representing the digital artwork. Thus, the ownership of the piece gets recorded and stored in the blockchain. Owning the artwork by NFT does not limit how the artwork is viewed or shared digitally. Instead, it works similarly to interactive trading. With NFTs, owning a digital artwork is highly transformable as each artwork’s identity is tradable and sharable among collectors to increase its value gradually over time.
Digital art is gaining popularity due to the highly secured and viable mediums of sharing its identity through NFTs. This innovative approach via NFTs paves a new way for artists and collectors. Art collectors are realizing the significance of the digital art world and getting captivated. This innovative approach via NFTs paves a new way for artists and collectors. Art collectors are realizing the significance of the digital art world and getting captivated. NFTs not only open diverse ways to generate new revenue streams for art but also financial ownership. Apart from transforming the digital art market, NFTs reevaluate how art holds substantial importance in the global art market.
강민주 강남포스트 학생기자 email@example.com
<저작권자 © 강남포스트, 무단 전재 및 재배포 금지>