- Products & Services
- Knowledge Base
LONDON, ENGLAND, March 29, 2022 /24-7PressRelease/ -- NFTs have taken the world by storm over the last year with a rising number of people purchasing the digital asset in hopes to make a profit. NFT stands for 'Non-Fungible Token' and is a unit of data that is stored on a blockchain and sold to collectors. NFTs often take the form of digital artwork. Once purchased, the art work is owned by the owner of the NFT and cannot be copied or destroyed.
Digital art has been rising in popularity for years but the arrival of NFTS have pushed the movement even further. So, could NFTs take over the art world in 2022? Here are our thoughts with expert commentary from London's Olivia Kwok Decani.
What are NFTs and why are they so popular?
NFTs are digital assets that can be purchased, traded and sold within marketplaces. NFTs are typically bought using cryptocurrency and are built on blockchains similar to Ethereum and Bitcoin. In fact, NFTs are seen by many as the next step up from crypto.
NFTs come in a variety of forms including music, games and artwork. NFT art is a digital file that depicts a completely unique image- the owner of the NFT is the sole holder of the particular art and it cannot be copied or destroyed. It is their uniqueness that makes NFTs so valuable. The most expensive NFT to date was a piece called 'The Merge' which was sold for $90.8 million!
NFTs are popular amongst art collectors as they represent the next step in the digital age of art. According to Decani, "NFT's are really a watershed moment in art history," adding ''The digital art market is a major changer for individual artists who make a living selling NFT's. Artists can make more money without losing less money to the middlemen. It can be a complete reclaim of control over their work."
The current status of NFTs in the art world
NFTs have created a new way for artists and brands to express their creativity. As a result, digital assets have made way for a number of crazes and trends that have swept through the art world. The asset surged in popularity through 2021 and is continuing to rise.
Covid-19 and NFTs
The Covid-19 pandemic has played a huge role in the rise of NFTs. Artists and galleries have been forced to go digital which created the perfect environment for NFTs to make their debut. The digital assets started to gain popularity as art collectors turned to the digital world when lockdown forced galleries, museums and art shows to close their doors.
Merging NFTs with classical art
Since their emergence, artists have started to create NFTs that link to classical art works. For example, a collection of five NFTs inspired by Andy Warhol's work were created by Chirsties. The NFTs were sold via auction to the highest bidder and represented the merge of classical and digital art work. Similarly, an NFT of the infamous Mona Lisa is currently listed on trading platform Opensea. The artwork is the spitting image of the original copy and completely one of a kind.
With the rise of NFTs, a new generation of artists have started to appear on the art scene. NFT artists are creators who specialise in making images that can be sold as high-ranking NFTs. These talented individuals use digital tools to create the images that often look as though they could be hung in galleries or sold at an art show. The only difference? They are sold in digital form instead of as a physical piece.
Are NFTs the end of traditional art work?
While NFTs have certainly risen in popularity, there is no denying that traditional art forms will continue to thrive in our society. Many collectors and art enthusiasts still love the feeling of holding a physical piece of art in their hands or hanging it on their walls.
As Covid-19 begins to slow, art shows and galleries are expected to make a full return. As this happens, it will be interesting to see whether the buzz around NFTs starts to slow or whether the digital asset continues to grow in popularity. Either way, NFTs and traditional forms are expected to exist alongside each other in the art world allowing for both digital and traditional art collectors to enjoy art work.
# # #