How The Art Market Will Change With The Advent Of NFT

2021 has brought a notable revival to the use of non-fungible tokens in the digital art market. Many people are interested in the question of the further development of NFT art, which arose at the intersection of art and financial technologies.

In many ways, the further promotion of the art market with NFT is due to the need to protect copyright. Interest in tokens appeared back in 2017. But then, there were no platforms and marketplaces for placing, buying, and selling digital objects. Today, for many market participants, authors, and collectors, the format of tokenization of collectible items and objects of art of any genre is becoming interesting.

But it is essential to understand that the art objects themselves, such as museum paintings, cannot always be sold, and the alternative is to sell the right to reproduce them. An example was the purchase at auction of the work “Morons (White)” by the artist Banksy. Blockchain company Injective Protocol bought this work and burned the art object live. And tied the non-fungible token to the digital version of the work. Thus, from the work of Banksy, crypto-art was created, which now belongs to the Injective Protocol. The creators of digital objects and works of art are most interested in maintaining their copyrights.

But buying NFT art doesn’t always mean it can be used commercially. And it is not easy to predict the future fate of an art object. Obtaining the rights to work is not the same as obtaining intellectual property rights, but for the authors of digital art, NFT becomes unique, like a collectible coin.

Why buy if the hype has passed?

With the help of NFT, authors can finally confirm the authenticity of their work and, accordingly, make money on it. NFT is an excellent collectible asset if you work on its promotion correctly. Another reason for the increased interest in crypto art is that it is more convenient for NFT buyers to collect digital art without commissions and intermediaries in the form of museums and associations that confirm authenticity.

The prospects for the development of tokens depend on many factors. Still, perhaps the main reason for the popularity of this digital technology is that it has changed the complex scheme of confirming originality and selling an item in the art market.

Leave a Reply

Your email address will not be published. Required fields are marked *