Spending money on digital products isn’t a completely new concept in the 21st century. Some people for upgrades to their video game avatars, cryptocurrencies, unique GIFs of cute cats are all familiar to us. NFT (non-fungible token) art stems from the same ground, owning authentic digital goods. But why would someone pay for an artwork they can see and download freely? 

Lots of artists made tons of money through the NFT marketplaces in the past few months. Approximately $200 million in the past month has been spent on NFT-based artworks, GIFs, and memes. Now, the NFT marketplace is very similar to an art auction in the past. The artworks exist on a blockchain and have coded proof of authenticity and ownership. This encourages art lovers and collectors who wish to have the original piece, participate in a digital auction.  

 

NFT artwork – Pak, METANOIA.

 

Artists sign up to a marketplace, upload their work and validate their information on a blockchain. This process has a price as well, depending on the used marketplace. After this uploading process, they auction their work in the marketplace.

Though NFT art seems like a new fad that will eventually die out soon, art collectors still spend six figures on authentic GIFs or any artwork they seem to like. On the other hand, digital artists hope that it’s not a fast-passing whim. After dealing with long years of the audience taking their work for granted, being under-paid by commissioners, their pieces being stolen and distributed without their permission, being paid their labor’s worth is now relieving. 

 

NFT artwork – Beeple, Everydays: The First 5000 Days. Sold for: $69.3 million.

 

NFT art includes all kinds of artists and aids all their futures. Paying for authentic art, truly owning a digital art piece may change the art world and how we view digital art. As a result, creators of digital and with that, easily accessible artworks, such as illustrators who share on Instagram, can finally be truly valued for their art.

What do you think about it?  

To read more about NFT marketplaces and how they work, click here.