How NFTs Created An Economy for Digital Creators
29 Octubre 2021 - 05:40AM
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Non-fungible tokens (NFTs) have revolutionized the art world in
2021. The market has seen groundbreaking sales, with collectors
having spent over $2 billion on NFTs in the past month alone,
compared to only $250 million in the entire year of 2020, according
to NonFungible.com. The staggering statistic can, in part, be
attributed to artists like Beeple making record-breaking sales this
year, when the artist sold a singular artwork for $69 million at
Christies, the third-highest price of art on record. By definition,
NFTs are digital files that provide buyers with proof of ownership
and authenticity. They live on the blockchain, a decentralized
ledger, making them highly secure. NFTs provide buyers with one-off
ownership, giving collectors a sense of exclusivity in the same way
that they would when buying an original Picasso painting. To sell
an NFT, artists have to sign up their artwork on a marketplace and
upload their data onto a blockchain, minting their digital tokens,
which costs approximately $40 to $200. They are then ready to list
their artwork for auction. Although many people may balk at the
idea of “owning” a digital file, the NFT craze has proven to have
many merits in the art world. For many digital artists, NFTs
provide a way of generating content that brings in an income and
boosts engagement. It’s no surprise that authors, graphic
designers, and musicians have all climbed onto the bandwagon to
sell their artwork in the lucrative market. NFTs have finally given
value to digital art that was overlooked previously by giving it
exclusivity. Because NFTs are scarce, their value is higher, which
is something collectors are naturally drawn towards. This is
inherently the psychology behind the craze in baseball cards and
why consumers line up for blocks when a limited-edition sneaker is
released. Although the NFT movement catapulted in popularity in
2021, the craze had its infancy long before in 2017, when
CryptoKitties was launched. The NFT movement that allowed
collectors to buy one-off digital artworks of feline cartoons
created over $32 million in revenue. Since then, the nascent NFT
movement has blossomed, with celebrities like Elon Musk and Miley
Cyrus jumping on board and adding fuel to the NFT fire. It’s no
secret that the groundbreaking development of NFTs has
revolutionized the traditional art world. Although many
conventional collectors have been left in disbelief at what is now
considered an original artwork, like any new technology, many are
coming around to the financial benefits it provides artists. As the
NFT market continues to experience rapid growth, many new and
inspiring projects are continuing to be established. One particular
NFT project of interest is one that specifically celebrates
Japanese culture and art, Project 3333. The project is a collection
of 3,333 ERC721 artworks that live on the Ethereum blockchain and
represent different moments in Japanese history. Project 3333’s aim
is to be an homage to Japanese art and culture and showcases some
of the greatest artists of our time, including Miyazaki and
Kurosawa movies and nostalgic anime series. Japanese art collectors
should ensure they don’t miss out on the project’s exclusive
presale, happening on November 15.
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