Before non-fungible tokens, it was challenging to create digital scarcity for assets. While the NFT ecosystem is still in its early stages, there are many intriguing initiatives to investigate, some of which already provide significant value to creators and consumers. Leaving the hoopla aside, digital NFT artwork combined with the art market can significantly enhance and even change the art business in a variety of ways, particularly in the case of modern art.
For a simple reason, digital art has become one of the most frequent use cases for non-fungible tokens today.
Real-world artworks can be tokenized to help promote authenticity and transfer ownership to the creator of the highest bidder interested in acquiring a piece of art.
However, the apparent misappropriation of digital art through the creation and distribution of digital reproductions of virtual artwork has long been a concern. The need to digitally verify the validity and scarcity of virtual artworks is critical, which NFTs have addressed with encryption and blockchain.
In a word, the value of crypto artworks is derived from their digital validity and ownership. Take, for example, CryptoPunk, one of the first NFT initiatives launched in 2017. While anybody may download or save an image, establishing ownership of a specific image is more complicated. What makes NFTs valuable is that they belong to a single person rather than the artwork itself.
Through its partnership with anonymous digital artist Pak and NFT marketplace Nifty Gateway, Sotheby’s, one of the world’s largest brokers of fine and decorative art, jewelry, and collectibles, has become the latest established brand in the art to delve into NFTs (non-fungible tokens).
The Fungible Collection, a “new collection of digital art changing our notion of value,” was sold for more than US$17 million (£12 million) by the auction house.
Some pieces, such as “The Switch,” a monochromatic 3D structure that the artist will alter at an indeterminate time in the future, drew bids above $1 million.
NFTs are tokenized representations of assets that may be exchanged on a blockchain, the digital ledger technology that underpins cryptocurrencies such as bitcoin and ethereum. NFTs are the polar opposite of bitcoins, which are fungible and can be exchanged like for like. The underlying assets are unique in some sense and cannot be transferred like for like.
Because of its rarity, Christie’s was able to sell digital artist Beeple’s NFT “Everyday's” for an eye-popping US$68 million back in March.
Why might an artist consider turning their work into NFTs?
Aside from the aforementioned mind-blowing financial benefits, an artist can decide to turn their work into NFTs for a multitude of reasons.
The following are just a few of the many more functions that NFTs can perform:
NFTs allow for the development of hitherto unimagined business models. Artists can include requirements in an NFT that ensure they receive a portion of the earnings every time it is resold, so they benefit if the value of their work rises.
NFT makes art collections more accessible to the general public. New artists, who are less well-known, can advertise and sell their works without having to spend too much for galleries or auction houses.
NFTify, for example, is a new art platform that allows users to easily establish ownership of NFT original artworks. NFTify makes it particularly simple for artists to create their NFT stores, with personalized branding to match their tastes and identities, something that other NFT markets have struggled to do owing to their bulk and generic structure.
On NFTify, everyone can create their store with a single click. Artists can create unique art collections to interact with their followers without investing much money into the system. It should be mentioned that NFTify supports a wide range of NFT forms, including video, audio, 3D pictures, etc. so that artists can post virtual artworks in various styles. NFTify is also developing a secondary marketplace for artists to have an exciting platform to exchange their works and interact with their customers.
NFTify is a multi-chain platform that enables anyone to create their own fully functional NFT marketplace in just a few minutes, without coding or upfront cost required. The platform is one of — if not the first — platform to lower the bar for everyone to join the NFT space, and it comes with various first-on-the-market features to set itself apart from others, including:
Go ahead & open your NFT stores via: https://nftify.network/