How NFT Blockchain is a new world order for art like never before

In the past decade, the way people around the world handle money and finance has changed unprecedentedly. When blockchain technology, the holy grail for recording systems, hit the market 10 years ago, it paved the way for cryptocurrency.

READ ALSO: Amitabh Bachchan is selling its NFTs and throwing weight behind crypto in India

This decentralized digital money and payment system based on blockchain technology slowly became a dining room conversation for everyone with an expendable income. Non-fungible tokens (NFTs), which are minted versions of assets that can be traded on the blockchain, have also drawn similar attention. This interest in alternative investments is growing steadily, leaving India’s most popular investment – gold – literally vying for its money.

How digital NFT art is becoming an archetype

Another shift that has largely adopted and changed the way we do things is the advent of the digital world. Whether we work, eat or make art – the internet has revolutionized everything.

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Undoubtedly, the origins of human experimentation with art lie in cave painting, and from then on humanity has only advanced in the way that it creates and receives art. This (typically) visual form of expression picks up on the trend and jumps on the train of the digital revolution. The artist has developed from a former cave dweller to Da Vinci, to the youngest Hussain and finally to today’s digital artist – immensely equipped with tools and skills.

READ ALSO: Non-fungible tokens: How the “punk” crypto trend led to NFTs for digital art

Digital art is widely used because of its interactive capabilities. The more artists venture into the virtual, the higher its value is realized. It is effectively the cheapest and fastest way to display your creations. One of the many reasons the digital medium wins the trust of the community is because it helps attract an unprecedented and often unknown audience. The accessibility of the art world is thus increased forever.

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The downside of this is that all too often works of art – whether audio or image – are stolen on the Internet. After investing many hours and creative sparks in their own version of ‘Mona Lisa’, artists are stripped of credits.

How NFTs offer a solution

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READ ALSO: You can download ‘Every NFT’ Art on this portal which was inspired by The Pirate Bay

While copyrights exist for the same reason, the biggest challenge they pose is information overload. With multiple entry points in multiple locations, it is impossible to keep track of things. Non-fungible tokens document the proof of the uniqueness of the work of art on the blockchain, make it immutable and thus of monetary value.

– Ownership, Credits, and Credibility

Supported by the blockchain-based certificate, NFTs represent an authorization for their owner. A digitally created work of art can be copied countless times in order to create an exact copy. NFTs categorically give 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 obtain credit that has led to the rush to make non-fungible tokens.

– Profits and Revenue

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To top it off, NFTs are also designed to allow royalties so that the creator gets a percentage of its creation – whether it’s a GIF, audio, or an image that explodes and goes viral on the internet and its worth adding in the future. Based on our experience in this new field, we have found that individual NFT artworks are among the most popular and valuable non-fungible tokens ever created in terms of profitability. In my opinion, NFTs are a boon to the aging art market.

– platform security

The NFTs are a technology in its infancy. As NFTs become more popular and popular with the masses, the charter and policy framework are strengthened at both national and global levels. The creation of a positive regulatory framework and infrastructure will enable NFT marketplaces to grow in India. Having well-engineered dynamic policies and governance protocols around technology would empower early adopters. As NFTs grow in popularity, they have also drawn the attention of scammers who post fake artwork and even hackers. For this reason, the selection of the optimal and safe marketplace is an advantage for us.

– On the verge of a revolution

As a species, we are skeptical of change. The inertia of inhibition will inevitably step in, perhaps dismissing NFTs as just another fad. But if the story is to be believed, the dot-com was also dismissed as an ephemeral trend, and yet we read this on the Internet.

READ ALSO: Original code from the World Wide Web auctioned as NFT for $ 5.4 million

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Blockchain technology has opened up a way for artists to turn their work into a safe, sellable asset. In addition, NFTs enable the existence of business models that previously couldn’t survive – and completely change the rules of ownership.

Many factions in this new, decentralized economy are still inconceivable. What can be said with the greatest certainty is that this novel transparent way of trading and selling is an entry point for everyone. Whether you’re the next Van Gogh, a passionate esthete, or someone who believes they are monetizing something unique, hop on the trend because NFTs are here to stay.

Do you think NFTs are the new fad or something more specific that will stay here? Let us know in the comments below and keep reading on Indiatimes.com for the latest in science and technology news.

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