NFT or Non-Fungible Token is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique. Since NFTs are one-of-a-kind, NFTs tied to assets such as digital art have begun to take the world by storm. "Non-fungible" means that each individual piece of artwork created using this technique cannot be substituted by another (it's either one-of-a-kind). This blog post will go in-depth on what NFTs are and why they are so popular today!
What is NFT art?
Traditional artworks such as paintings are valuable because they are one of a kind, but digital art is not unique, because digital files can be easily copied and endlessly duplicated. This is where NFT is revolutionizing the market. With NFTs, artworks can be ‘tokenized’ to create a digital certificate of ownership that can be bought and sold. Since the record of who owns the NFT art is stored on a shared ledger (blockchain), maintained by thousands of computers around the world, the record cannot be forged.
Thus, they have the potential to take over from physical collectibles like baseball cards and art pieces because they hold so much more value, but will not lose any worth if you own two copies (non-fungible). In addition, NFTs gives artists the ability to do things that otherwise would not be possible, like make their art available to the world while retaining a sense of exclusivity. So, essentially NFT arts are like any other physical art item, but instead of a unique oil painting or glass painting, buyers get a digital file that is tied to an NFT, thus maintaining its uniqueness and value.
According to a report by Reuters , the non-fungible token (NFT) market reached sales volumes of $2.5 billion in the first half of 2021, up from just $13.7 million in the first half of 2020. In the past month alone collectors and speculators have spent more than $200 million on an array of NFT based artwork memes and GIFs according to market tracker NonFungible.com compared with $250 million throughout all 2020 And that was before digital artist Mike Winkelmann who goes by Beeple sold a piece at famous auction house Christie's for record-setting 69 Million dollars - making it third-highest price ever fetched by any currently living artists after Jeff Koons and David Hockney. Monthly sales volumes on one of the largest NFT marketplaces reached a record high monthly sales volume in June. So as far as experts are concerned, NFTs are only going to get big in the coming months.
What are the benefits of owning a piece of NFT art?
NFTs tied to assets such as digital art can be bought, sold, and traded just like any other digital asset, enabling artists to profit from their work more easily than ever. Owners will never lose the value of their NFTs because they are all unique and non-fungible. And it's not just for artists: people who aren't creative but love collecting rare items could find themselves with a valuable collection in no time! In fact, Sales of NFTs have totaled 10,000 to 20,000 every week since March, with buyers still outnumbering sellers.
- It provides more control for the artist while also allowing him/her to create rare, high-value pieces for collectors
- It can be applied to any digital asset that has a unique identity
- It makes it possible for the artist to make their art available globally
- There's no risk with value fluctuations or destruction by time since the artwork lives on as long as the internet exists
Some examples and artists that are leading the way in this new trend
- Mike Winkelmann aka Beeple: Beeple is a digital artist and filmmaker from Chicago. He's best known for his animated GIFs that largely feature the juxtaposition of dark, odd-angled figures with bright colors. His work has been featured in publications such as The New York Times, Wired Magazine, Gizmodo, Fast Company, and Juxtapoz Magazine. His piece titled "Everydays: The First 5000 Days" sold for a whopping $69,346,250 and was one of the first NFTs to gain mainstream media coverage. You can follow him on Instagram at @beeple_crap.
- Trevor Jones: Trevor Jones is a Canadian digital artist and filmmaker. His work has been featured in publications such as The New York Times, Wired Magazine, Gizmodo, Fast Company, and Juxtapoz Magazine. He's best known for his animated GIFs that largely feature the juxtaposition of dark odd-angled figures with bright colors. Jones has collaborated with some of the biggest names in NFT art and sold a total of 5,284 works averaging $3,409.65 each to accumulate over $18 Mn. You can follow him on Instagram at @trevorjonesart.
- Fewocious: Fewocious is a French artist who started making art at the age of 16. His style can be described as surreal, abstract, and colorful with a lot of shapes layered on top of each other. He has sold over 600 works for an average price of $12,048 to date which took him just 14 months. You can follow fewocious on Instagram @fewocious.
If you hadn't heard of NFT art before reading this article, it might be time to start paying attention. Newer than traditional paintings and sculptures, this new type of artwork is gaining popularity as we speak thanks to its many benefits! Not only art, but NFTs can also be linked to any digital content such as image, music, video, or in-game item. Investment in the sector continues to grow and NFTs continue their upward trend into the second half of 2021 as well. At Rubix, our team can help make your artwork into an NFT so that you can also enjoy all the benefits that come with it without any hassle.