For me art has always been a form of communication that reflects the vision that the designer has intended to match with the viewer’s senses.
Advancement in computing power, with the help of Social Media, has meant that a lot can be achieved with far less money, making it easier for new creators to buy and sell digital artwork online.
The risk behind the Sale of Digital Art
The internet has opened a lot of doors for the promotion and distribution of digital artwork. Many feel that everything on the internet should be free and accessible to everyone, but digital artists, like myself, who need to earn a living from their digital creations feel otherwise. Because of this high accessibility of the internet, copyrighted artworks shared via the internet can be easily copied or even stolen. Persuading people to purchase artwork online has always been a difficult task until recently when NFTs started providing the solutions.
NFT (Non-Fungible Token)
An NFT is a digital token that is linked to a digital artwork, which the artist can access on an encrypted artwork platform. After the sale of the artwork, the key of the NFT is passed to the buyer to dignify the authenticity and proof of ownership. Each NFT is very unique and cannot be destroyed easily.
Essentially, NFTs are a blockchain-based equivalent of collectible trading cards. This technological innovation has helped in introducing new artists to the market like Trevor Jones, popular for creating an NFT artwork called “the Bitcoin angel” which sold for a massive $3.2M , while simultaneously creating a growing frenzy among buyers. Anyone and everyone can now become a part of this revolution by owning an NFT in just one click!
What is a blockchain?
In a blockchain, the data is electronically stored in blocks that are strung together in chronological order. Blockchains are immutable, which means that the data stored is irreversible and to alter even that one block of data would require a ton of money and other such resources.
An example of this was the sale of digital artist Mike Winkelman’s NFT– “Everydays: The First 5,000 Days” NFT for $68.3M in March 2021. Unknown to the traditional art world before the auction, this sale became the third most valuable artwork in history. Even though this work was only estimated to be worth about $100 before linking it with an NFT!
It is the first time in the history of the art industry that a single person can own digital assets, in a safe and secure manner while still keeping transparency between all the parties involved. NFT has clearly changed the entire art industry like never before!
https://www.artworkarchive.com/blog/a-deep-look-at-digital-art-and-social-media
https://owdt.com/the-rise-of-digital-art/
https://www.investopedia.com/terms/b/blockchain.asp