How NFTs are Changing the World of Art: Ways NFTs have transformed Art
Last Updated on November 8, 2023 by Ameer Hamza
The NFT rave is here to stay. Many celebrities have seemingly joined the bandwagon. Twitter’s founder, Jack Dorsey, recently sold his first tweet as an NFT. Kings of Leon, the American brand, also sold their concert tickets as an NFT.
Virtually every internet-savvy person has heard about NFT artworks and the unbelievable prices placed on them. For example, Beeple sold an NFT artwork for a whopping $69 million last year. Hence, this raises the question of whether NFTs are bound to transform the art world.
How NFTs are Transforming the World of Art
NFTs have started a new revolution within the current art space in several ways. They are:
More Collection of Digital Artworks:
For a long time, people confined the art space to selling and collecting of tangible pieces of art. Even at the point where digital artworks started to boom, they weren’t as profitable as physical art, as people always viewed digital artworks as less valuable. However, NFTs have changed this perception. NFTs are primarily digital artworks that creatives auction on the blockchain. Hence, they have pushed the creation of a billion-dollar industry specifically for digital art creators and collectors. Creatives sell these artworks at huge prices. Hence, there can hardly be any perception that they are less valuable than physical artworks. For example, the Bored Ape Yacht Club (BAYC) digital artwork collection has been sold for millions of dollars. In January, the collection sold one of its artworks for over $2 million.
More income for artists:
NFTs have provided an avenue for artists to adequately make profits from their creations. For example, there is an option for NFT artists to set perpetual royalties during the creation of the NFT. This ensures that at every point where holders resell the NFT, the artist gets a certain percentage of the NFT sales price. On platforms like OpenSea, such commissions can be as high as 10 percent. Through innovations like this, the platform has eliminated middlemen. Similarly, artists have gained direct access to their funds.
To ensure that every NFT is unique, metadata is inscribed into each minted NFT. This makes it difficult for an NFT to be duplicated and also reduces counterfeiting issues that artists often experience.
Problems of NFTs in the Art Space
The primary challenge of the integration of NFTs in art is art theft. While the uniqueness of NFTs has helped reduce the occurrence of counterfeiting, there are still many cases of NFT duplication. For example, creators of physical artwork have complained that their artworks have been made into NFTs by unknown persons.
In addition, because the NFT network does not verify ownership of artwork before it mints an NFT, it rips off many physical art creators.
Since the boom of NFTs a few years ago, the NFT network has been highly beneficial to artists. However, as the popularity of NFTs grows larger, artists need to find ways to make use of the numerous opportunities that the NFT network provides.