How are NFTs changing the way we view digital art?

You hear about them on TV, on the radio, in the newspapers but don’t know what NFTs are? NFTs (Non-Fungible Tokens) are unique tokens on the blockchain that certify the authenticity and ownership of a digital work of art.

These tokens are increasingly popular in digital art and have a significant impact on the way we view and value this art form. They allow artists to monetize their work in a more direct and transparent way, while providing proof of ownership for buyers.

The growing importance of NFTs in digital art

NFTs in digital art have continued to grow in recent years. Thanks to blockchain technology, NFTs allow artists to create unique works of art and traceable, providing proof of authenticity and ownership for buyers.

This has opened up new opportunities for artists to monetize their work in a more direct and transparent way, without having to go through art galleries or intermediaries.

NFTs have also made it possible to create a online community of digital art collectors and investors, which has contributed to the growth of this industry.

Over the past few years, sales of digital art in the form of NFTs have exploded, with works selling for millions of dollars!

NFTs are changing our perception of digital art

NFTs enable the creation of unique and traceable works of art on the blockchain

Using the technology of blockchain, NFTs can be used to certify the authenticity and ownership of a digital artwork.

In other words, this means that each NFT is unique and cannot be copied or duplicated, which makes it irrefutable proof of the originality of the work of art.

digital art and NFT
digital art and NFT

Another point of importance: the blockchain makes it possible to follow the history of each NFT, which offers a complete transparency on its ownership and value.

In addition to enabling the creation of unique and traceable works of art, NFTs offer proof of ownership and authenticity for digital artworks: when a buyer buys an NFT, they receive a unique token on the blockchain that allows them to prove that they are the rightful owner of the associated artwork.

Security is therefore twofold:

  • for buyers, who can be assured that the work they are purchasing is the original and not a copy.
  • for artists: who can have the guarantee that their work is protected, and will not be a source of counterfeit or copyright violations.

Another interesting angle, NFTs allow artists to avoid intermediaries such as art galleries and agents, thereby retaining more of the profits from their work.

NFTs offer complete transparency on sales and prices, making it easy for artists to track their success in the market.

Proof of ownership and authenticity for digital artwork

NFTs provide proof of ownership and authenticity for digital artworks, using blockchain technology. By purchasing an NFT, a buyer receives a unique token on the blockchain that allows them to prove they are the rightful owner of the associated artwork. This provides additional security for buyers, who can be assured that the work they are purchasing is the original and not a copy. Additionally, it allows artists to protect their work from counterfeiting and copyright violations. Using NFTs, artists can create unique, traceable works of art on the blockchain, providing proof of authenticity and ownership for buyers.

Examples of artworks sold as NFTs

There are many examples of artworks being sold as NFTs, with impressive sales prices and a significant impact on digital art.

In March 2021, a digital artwork titled “Everydays: The First 5000 Days” by crypto-populist artist Beeple was sold at auction for $69 million as an NFT. This sale was a record for an NFT and highlighted the rapid growth of this industry.

Another example with the digital artwork entitled “The Fungible Collection” by artist Trevor Jones, sold for $5.2 million in January 2021, or “The First Supper” by artist Mad Dog Jones, sold for $6.6 million in February 2021.

These sales confirm that NFTs have become a popular way for artists to monetize their work in digital art, with record sales price.

The figures above illustrate the growing importance of NFTs in digital art and their ability to change the way we view and value this art form.

NFTs applied to art
NFTs applied to art

Criticisms and controversies surrounding NFTs

But NFTs are not free from criticism and are not necessarily as virtuous as we would like.

Ecological sustainability and equitable access to digital art

Blockchain technology used to create and store NFTs consumes a significant amount of energy, which can pose problems in the era of ecological sustainability.

Remember that the mining and use of cryptocurrency requires the use of large data centers and IT equipment, which has an undeniable negative impact on the environment.

NFTs are also often expensive to purchase and to store, which may limit access to digital art for some people. This can create a barrier for emerging artists and small-scale collectors, limiting equal access to digital art. Some believe that this can hinder diversity and inclusion in the digital art industry, in favoring artists and wealthier buyers.

In sum, critiques of NFTs highlight issues of ecological sustainability and equitable access to digital art, which may harm the digital art industry in the long term. NFT advocates argue that these problems can be solved through technological solutions and ethical business practices, but the debate on these issues remains open.

What is the real value of NFTs as works of art?

There is debate about the real value of NFTs as works of art. Some believe that they are just a passing fad and do not represent true value for digital artwork. They argue that NFTs are just tokens on the blockchain, whoe do not reflect the artistic quality of the work of art associated.

They also point out that NFTs can be copied or duplicated, which can dilute their long-term value.

Conversely, “NFT pros” argue that these tokens offer a new way to promote digital art and allow artists to monetize their work in a fairer way. They point out that NFTs offer proof of authenticity and ownership for buyers, thereby increasing the value of digital artworks in the long term.

Video: NFT, the boom in virtual works

https://youtu.be/ckfPHsNp6IU

So in the end, what do we think of this new world of NFTs?

NFTs are increasingly popular in digital art and are having a significant impact on how we view and value this art form. However, as you will have understood, NFTs are the subject of controversy as such but also for their ecological consequences.

A passing fad or a new sustainable fashion for “consumption” of art, everyone will form their own opinion!