Digital art has long thrived on the Internet. But recently, artists have turned to a different form of art: NFTs. Non-Fungible Tokens, also known as NFTs, are taking the world by storm and completely rewriting the rules for modern art. NFTs are a small aspect of the digital art world that is changing the way people access and interact with art.
An NFT is a digital object whose authenticity and ownership is stored in an online database. This digital object can be anything from music to tweets and everything in between. The proof of ownership authenticates the object so that it can be traded and sold much like a tangible item.
Recently, NFTs have been all the rage on social media. After many influencers and celebrities have paid hefty prices to own their digital artworks, everyone else now wants to know how they can get in on the action. Now, digital artworks registered as NFTs are being sold for millions of dollars. Many see them as symbols of wealth and power, while others are fascinated by the easy access to high-quality art. Rather than appreciating digital art for its beauty and elegance, the new NFT craze is becoming all about ownership and financial gain.
Although there are many different forms of digital art, not all digital artworks are considered NFTs. To become an NFT, the digital artwork must go through the process of being registered on a blockchain. Blockchains are used to store information in a network of computers and online databases. NFTs are coveted because they use a blockchain to store and verify information about the artwork, such as the date of purchase, price, previous owner and other important facts when selling a digital object. Blockchains are special because they eliminate the need for governments or banks. They also provide a secure service that cannot be altered, hacked or compromised in any way. Every single purchase is stored and added to a growing data chain.
NFTs are no ordinary digital artworks, as they come with a digital certificate of authenticity. This means that whoever buys the NFT now owns the artwork and all copies circulating on the internet. NFTs can be any digital object, from art to videos and even the concert ticket you download to your cell phone. What makes NFTs so special is the fact that they are a unique token that can retain its own value. This means that NFTs can be bought, sold and traded like shares on the stock exchange. Anyone can take a screenshot or find a way to copy an NFT, but that's not the same as owning it. While this wasn't always the case, NFTs are now being bought and sold in the hopes that they will increase in value due to their popularity.
Although NFTs have been around for years, they have recently skyrocketed in value due to their prominence in the mainstream media.
One of the best examples of this trend is the Bored Ape Yacht Club NFT series. This was a series of digital artworks that were sold at astronomical prices to celebrities and other high-end consumers. These collectible artworks double as membership cards, giving owners access to secret perks and parties. This idea of an exclusive VIP membership appeals to many as it allows ordinary people to socialize with celebrities at parties and other private events. This is another way that viewers can devalue the artwork, seeing it as social opportunities rather than an expression of passion and creativity.
One of the most famous Bored Apes is the EminApe. Named after Eminem, this ape was purchased by Eminem for $460,000. Just when fans thought this was an absurd price tag, Justin Bieber set the record for buying the most expensive Bored Ape collectible of all time: He spent $1.29 million on his NFT.
NFTs have begun to take away the natural beauty of digital art, forcing artists to adapt to trends. Without following the hype, artists are struggling to make money and gain an audience. Now many NFTs are used for their profitability rather than their creativity. Modern art is changing with the new wave of digital art and could potentially commoditize other artistic mediums as well.