The past decade has witnessed an unprecedented change in the way people around the world approach money and finances. When blockchain technology, the holy grail of record keeping systems, arrived 10 years ago, it paved the way for cryptocurrency.
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This blockchain-based, decentralized digital money and payment system has slowly become the dining room conversation for anyone with disposable income. Non-fungible tokens (NFTs), which are minted versions of assets that can be traded on the blockchain, have also received similar attention. This interest in alternative investments is steadily increasing, literally giving India’s favorite investment – gold – a run for its money.
How NFT digital art becomes the archetype
Another change that has largely taken over and changed the way we do things is the adoption of the digital world. From the way we work, eat, to the way we make art – the internet has revolutionized everything.
Undoubtedly, the origins of man’s experiences with art can be found in cave paintings, and from there humanity has only progressed in the way it creates and receives art. This (typically) visual form of expression has caught on to the trend, jumping on the bandwagon of the digital revolution. The artist has constantly evolved from the former cave dweller to that of Da Vinci, to the recent Hussain and finally to the digital artist of today – immensely endowed with tools and abilities.
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Digital art is very popular because of its interactive capabilities. The more artists venture into the virtual world, the higher its value. It is indeed the cheapest and fastest way to exhibit your creations. Additionally, one of the many reasons digital as a medium generates community trust is that it enables unprecedented and often unknown audiences to be reached. The accessibility of the art world is thus always increased.
The downside is that too often works of art, whether audio or visual, are stolen from the web. After investing long hours and creative sparks on what could be his version of ‘Mona Lisa’, artists are getting the credits stolen.
How NFTs Offer a Solution
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Even though copyright exists for the same reason, the biggest challenge it poses is information overload. Due to multiple entry points in multiple locations, it is impossible to keep track of everything. Non-fungible tokens record proof of the uniqueness of the work of art on the blockchain, making them immutable and therefore of monetary value.
– Ownership, credits and credibility
Backed by the blockchain-based certificate, NFTs represent a right for its owner. A digitally created work of art can be copied countless times to produce an exact copy. DTV categorically gives creators something that cannot be copied – ownership of the work. Anyone can have a second copy of “Starry Night”, but only one person owns it. It is this ability to preserve credits that has led to the rush to tokenize non-fungibles.
– Profits and income
To add an icing on the cake, NFTs are also designed to allow royalties so that the creator receives a percentage of their creation – whether it’s a GIF, audio or image, explode. and goes viral on the internet, increasing its value in the future. Based on our experience in this new field, we have realized that NFT individual works of art are some of the most popular and valuable not–fungible tokens never created in terms of profitability. In my opinion, NFTs are a boon to the aging art market.
– Platform security
NFTs are a technology in its infancy. As NFTs become more popularized and popular among the masses, the charter and policy framework will be strengthened both nationally and globally. Creating a positive regulatory framework and infrastructure will enable the growth of NFT markets in India. The presence of dynamic policies and finely crafted governance protocols around the technology would stimulate early adopters. Additionally, as NFTs gain in popularity, they have attracted the attention of scammers who post fake artwork and even hackers. This is the reason why selecting the optimal and secure marketplace gives us an advantage.
– On the brink of a Revolution
As a species, we are skeptical of change. The inertia of inhibition is sure to intervene and perhaps reject NFT as another artistic fad. But if the story is to be believed, dot com has also been dismissed as a fleeting trend, and yet we find ourselves reading this on the internet.
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Blockchain technology has provided artists with a way to convert their work into a secure and salable asset. Additionally, NFTs make possible the existence of business models that previously could not survive – completely changing the rules of ownership.
Many factions of this new decentralized economy are yet to be imagined. What can be said with the greatest confidence is that this new, transparent way of trading and selling is an entry point for everyone. So whether you’re the next Van Gogh, an ardent esthete, or someone who thinks you have something unique to monetize, jump on the trend because NFTs are here to stay.
Do you think NFTs are the new fad or something more tangible that’s here to stay? Let us know in the comments below and keep reading Indiatimes.com for the latest science and technology news.