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- NFTs have already gained mainstream attention in a significantly less time
- Major artists have plans to drop solo artwork in the coming weeks
- NFT is here bringing a tremendous upside for the art world
NFTs or the Non-Fungible Tokens have gained mainstream attention in the art industry. The interest in the tokens is continuing to rise. NFT is nothing more than digital certification ownership of an artist’s artwork. According to Simon Oldfield, an art advisor, the Non-Fungible tokens create philanthropy opportunities and offer long-term wealth in the world of art. Indeed, such artworks are traded in the marketplace, and its NFTs are registered on the blockchain. Most of the NFTs are getting recorded on the Ethereum blockchain’s secure ledger in the current scenario.
Is NFTs flash-in-the-pan in the art market?
Many in the digital currency ecosystem have deemed that NFTs are here to stay. The art ecosystem spun on its axis after an obscure designer named Mike Winklemann (Beeple) became the third most expensive living artist on the planet. Beeple’s NFT digital artwork was sold for $69.3 million at Christie’s.
However, the art pieces and NFTs are separated from each other. These crypto tokens are the type of artwork minted on a MarketPlace or SuperRare. According to Robbert Norton, the founder and chief executive officer of Verisart, art pieces are actually free, although it’s an unusual paradigm for individuals to understand.
Artists have plans to bring solo NFT artworks
Ten major artists have plans to drop solo artwork NFTs within the coming ten weeks, since 1st March 2021. those artists also include Shepard Fairey, Petra Cotright, and Rob Pruitt. The art pieces are expected to consist of a work by Neil Beloufa. The results will be represented by blue-chip galleries, like 303 Gallery and Kamel Manour. According to Oldfield, the representing galleries should prepare themselves for what will come, as most of them are not ready.
Although it concerns while we hear any idea of a completely unregulated and decentralized ecosystem, there are numerous upsides of such an environment. The artists are getting an incredible opportunity to make their work available to a global audience. They are earning enormous potential to lift themselves up. However, the ecosystem has an environmental impact as its major drawback. Still, such consequences would soon be addressed, and the digital ecosystem will reach a level that no one will expect.
