(Image Source: Journals)
In the wake of the new digital age, almost everything we once knew as existing in the real world has now carved out its own space in the digital world. Currencies have now moved into the digital realm, and with it, they have brought a technology that has opened wide the scope for almost anything to be digital, and now even art, which is prospering over traditional art.
Art can now be purchased online with the use of NFT’s, but what are they and how does it all work?
What Is NFT?
NFT is a non-fungible token. In simple terms, it can be compared to a Pokémon card with an actual value and rarity rating. It’s not just about owning a piece of artwork, it’s about owning something that has value and scarcity attached to it. This means the art on display may not always be the same, but you will always own a part of the show.
What Are Some Advantages Of Using NFT’s Over Traditional Oil Paintings?
The artwork changes: We live in an era where technology is changing very rapidly, which in turn reshapes our worldview. What was once a common concept of the Mona Lisa as a “living breathing work of art” by John Mark Green is now becoming more of a reality. This is because we are seeing more and more advanced technology that creates new possibilities, new art forms – this is what makes NFT so exciting.
The artwork lasts: Oil paintings don’t last forever, but NFT’s do. Art experts say that the oil painting process is how you capture an object or a moment in time. Like most artworks, it’s something that won’t last forever. It’s important to understand that once the painting is done, it cannot be ruined or changed. Art experts predict that oil paintings won’t survive into the next century. On the other hand, NFT’s are not so dependent on their time. They are more like an infinite version of Mona Lisa, and one can never replace it with another one or change its value.
The security: Unlike oil paintings, which are totally vulnerable to theft and damage, NFT’s are extremely secure as they contain their own digital fingerprint that ensures ownership of just the original piece of art without any chance of it being a fake or replaced by someone else.
(Global market value from 2007-2020: Statista)
The value: On a global scale, there is no way to calculate the art market, as in there is no way to tell how much money it makes. What we do know is that in 2012, the art market was valued at $63 billion USD, and since then, it’s only grown. The NFT’s are sure to bring new life into the art market as investors will be more readily attracted to safe and secure NFT tokens that promise tangible returns and benefits over the possibility of it being ripped off or lost.
What Are Some Disadvantages Of Using NFT’s Over Traditional Oil Paintings?
NFT’s are not without a certain amount of risk: The only way to make sure your digital artwork won’t get lost or stolen is by making sure that it’s backed up in other places and far away from the original at all times. This is something that both artists and investors need to consider when making the decision of what kind of artwork they want to invest in.
The creation of NFT’s is not cheap: What actually makes it expensive is the cost of computer software, power and internet bandwidth which are the main necessary facilities needed to create NFT’s. Although these are very expensive, it’s a great investment because once you have your artwork digitized, you can gain access to an ever-growing market with more and more potential investors.
The technology: This industry is still a young one, so many things could change in the future that could be another step in the evolution of NFTs. Implementation of a blockchain platform would make this art form even more secure than it is right now.
NFT Wearables
This may seem like a very obscure, out of the box level of thinking. However, many believe that wearing NFT’s will be the future of art. Not only will we be able to wear our art, but smart glasses and the thousands of optical options of high quality and low prices we have today could also help enhance the landscape of digital art. Smart glasses have the ability to bring to life digital images, allowing users to interact with them in a totally new way.
(Image Source: Once37pm)
Considering how big the virtual world is and its precedence over real life, many, especially gamers, are believed to be the next target market for NFT wearables. Virtual wardrobes are taking over gaming, with big fashion houses like Burberry including their fashion in video games, allowing the user to buy them for their virtual aviator. It creates a new element for the monetization of art while simultaneously allowing brands to benefit from the process of offering limited-edition apparel which can only be purchased as an NFT for a digital avatar.
What Does The Future Hold For Art Collectors?
In our generation, one can easily say we have taken a few steps back when it comes to paying the value for art. What was once considered a priceless treasure is now seen just as an asset for wealthy individuals.
This is why this new wave of digital art is not only an investment opportunity. It’s also a chance to regain the value we once lost. Art holds value, it has always had value, and it’s important to keep that in mind when stepping into this new era of art collecting. NFT is revolutionizing the way we view art on a global scale, but most importantly, they are giving us back our families’ heirlooms and our grandparents’ memories so that they will never be lost in time, allowing us to still be able to enjoy them centuries from now.
Art is something that can never be replaced, it’s priceless and forever, and NFT’s are a step in the right direction of preserving this priceless beauty.
