Why Are Digital Artists Interested in NFTs? (non-fungible tokens)

There has been a notable increase in the value of NFT (non-fungible tokens), in the latest years. In early 2021, an NFT digital artwork, "The First 5,000 Days," by an American digital artist known as Beeple, was sold for around 69 million dollars, one of the most expensive artworks. Due to the covid-19 lockdown of galleries, the digital contemporary art market has developed substantially.

More specifically, the pandemic caused auction houses to search for alternatives to in-person events in the first half of 2020, which increased online auction income from modern art sales globally.

But what are NFTs in the digital art world?

Simply put, NFTs can be anything digital such as photographs, gifs, illustrations, etc. Artists can sell their digital goods and establish their rates on NFT markets like OpenSea or Foundation, which are straightforward to use and accessible. Besides the minimum transaction costs for selling an NFT, individuals have complete discretion over promoting their work through social media.

Is NFTs a better way to create?

According to Anuj Jasani an entrepreneur who runs his own businesses

"For the first time in history, artists are the most valuable people in the world."

Revolutionary new methods of selling art have been made possible by this technology, enabling artists to earn more money and visibility. What is worth mentioning, however, is that the artist, soon after the sale of NFTs, does not maintain any intellectual property on any of them.

Nevertheless, an artist can come to terms based on a contract agreement with the buyer that the NFTs can provide to get paid no matter how many times the artwork changes hands.

Undoubtedly, many people want to invest in the NFT market and discover this digital world even though NFTs are still at an early stage, and it is not apparent what their long-term value will be.

It's a fact that NFTs have certainly created new opportunities that didn’t exist before, but the truth is that digital artworks cannot replace the original painting. People will always want to live the experience of acquiring a real piece of art, which is irreplaceable.