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The art market is a complex ecosystem. The value of any piece of art is another debatable topic and various factors determine its worth: subject, subliminal meanings, artists’ reputation, size, colours, quality, scarcity, and condition. The market parameters—supply and demand, and other economical factors drive the art market, and no fixed formulae can decide the trading values. It is extremely difficult to put an artwork into the ‘investible’ category. However, the increasing number of art admirers gave artists a better position as compared to their older counterparts. Now, the funding sources are unlimited and the digital medium exposes the artists’ work to a wider audience.
The latest fad is NFT? Well, maybe it is too soon to give it a tag. Only time will tell whether NFT is a craze that will burst soon or it will prove to be a game-changer in the art world. For the uninitiated, NFT stands for a non-fungible token, which means that it cannot be exchanged for any other item because it has unique features. NFTs are digital products – could be a picture, an audio file, a video, a gif – traded using cryptocurrencies.
What makes NFTs so special?
In the digital world where almost everything can be copied. NFTs are designed to allow a sense of ownership of the original artwork. NFTs assure authenticity, and anyone can create an NFT, however, not anyone can become the owner of an NFT. You can’t simply take a screenshot or download the image, as that file won’t contain the information that makes it a part of the blockchain.
While NFTs are here for quite some time (2012-13), they have been in trend for the last few months only. Some prominent cases have brought NFTs into the mainstream. When Paris Hilton tried to explore NFTs in 2020, it didn’t catch much media attention but from Feb 2021 NFTs are occupying large spaces in prominent news portals. Apart from the digital art pieces, Kings of Leon became the first band to sell their new album as an NFT, Grimes (Singer) sold NFT worth $6million in just a few minutes.
How do you buy NFTs?
NFTs are easily available on several platforms, and you can choose the right one depending on what kind of NFT you want. All you need is a specific cryptocurrency that works on that particular platform.
Here are some platforms that sell NFTs:
On 1st June 2021, Wazir X launched India’s first NFT platform. It will feature artistic works of visual artists, photographers, media professionals from India and South African nations.
For artists, NFTs provide another platform to expose their art to a larger audience – who would value their art. From small pictures to GIFs to videos, artists can exhibit their skills through various means and can get paid for the same.
Time has come to appreciate artists and their artworks. After all, how long will the artists of the world be denied the worth of their true art? As discussed above, let’s see if NFTs are going to stay and if yes, then how long?
Only Time Will Tell!