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How NFTs Are Transforming Art Industry?

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zaara hary
How NFTs Are Transforming Art Industry?

Every evolution or innovation in the cryptocurrency market makes a better revolution in the digital economy as a whole. Starting the list from Bitcoin, Ethereum, TRON, and so on, still, the chain of lists continues with DeFi, NFTs, etc., which has been creating a greater impact on each and every business and industry & drifting the whole blockchain digital world to the next level.

Now the crypto world is getting hyped by the term known as “NFT - Non-Fungible Tokens”, which makes masses of people turn to the NFT marketplace to make betterment in their business.

Without any delay, let's look after the impact of NFT in the major Industry - Art.

NFT -  Booming Factor in Crypto Globe

NFT stands for Non-Fungible Token.

These NFTs are considered as the next big thing in the crypto world, next after the boom of DeFi - Decentralized Finance.

Without a normal explanation, let us drive into the definition for NFTs.

Assume NFTs as digital collectibles and NFTs are a blockchain technology that allows anyone to trade anything such as art, movie tickets, even proving ownership of the real estate, video game selling, and more.

Thus these NFTs have started impacting businesses such as the art industry, decentralized domains, film industry, fashion & collectibles, and more.

The term NFTs reached the same level in Google Trends Search data as equal to ICO in 2017.

The below graph shows the Google Trends data by Unfolded. This shows the interest of crypto people over NFTs.

NFTs in Art Industry - Selling Arts as NFTs

To link a token to any digital things, you may attach extra information such as video, GIF or song, etc,.

The complete crypto art is the token along with the media that you have created. Thus, NFTs are not the actual image or animation, or music and people are not able to copy them.

In the concept of crypto art with NFT, the one specific copy of your digital art that is listed or linked to the NFT's metadata is the one that matters the most. Even if you have many millions of copies of your digital art in the web, but the owner of your own crypto art cares only about the "official" copy that is being linked with NFT.

Can I link NFTs to My Physical Art/Asset?

NFTs are nothing themselves and merely point to the assets that we specify.

Thus we can tokenize any physical kinds of stuff into NFTs, but there is no easy way to link those created NFTs to any digital or physical objects/arts

The popularity of NFTs is because people can trade them on the markets as a way of trading their stocks and make their value drive-up quickly.

When it comes to blockchain, identities are obscured. The traceable identity is the artist. Hence, there is no way for a new buyer to contact the previous owner with the blockchain integration.

Acquiring ownership of physical stuff is different from getting ownership for digital stuff. Since, NFTs are built on decentralized, completely lawless digital ownership and taping ownership of physical objects onto NFT is under our own risk.

What NFTs Promises for Digital Artists?

Listed here are some of the benefits that artists gain over-leveraging the use of NFTs.

It gives the power to monetize their artwork

Eliminates the presence of a middleman

It will make artist rich

Helps artist to avoid traditional art market forces

Provides you protection

Make you reach huge people

Boosts the value of your artworks and more.

Explore here -> How Non-Fungible Tokens (NFTs) transforming Art World?

 
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