Before understanding, what are NFTs, lets us first look into Crypto Art and how it is gaining popularity from the last decade onwards.
First of all, Crypto Art is a way of re-thinking art and art economies; it’s selling your art in a digital form. Although there can be millions of copies, there will be only one original.
You will add your indelible signature and register it on the blockchain. By doing this, you will also have access to NFT or Non-fungible token, which represents you have the ownership. Other blockchain users will also be aware of who owns the art with the help of NFT, and unlike as paintings get stolen from museums, nobody will be able to make any alterations in the transaction. There will be only one original copy with the NFT, and it will be unique.
People are showing interest in Crypto Art and pouring thousands of dollars into buying such digital arts. Because they are not just keeping the art in their pockets but using them to trade new arts with the old ones and compound their cryptocurrency investment portfolio. This is also a lucrative opportunity because it’s easy and can be done with few taps on your device. Secondly, These are immutable art assets, functioning as verifiable proof of ownership with all its transactions fully transparent on the blockchain. As the arts are intangible, buyers are finding it much easier by not getting attached to the collectable and selling it for outstanding returns. Many people see this as the future of fine-art collecting.
There are various market places like OpenSea, Rarible, Nifty Gateway and plenty of others to buy and sell NFTs.
Crypto Art is gaining momentum, majorly after the pandemic, as it brings together communities of artists worldwide. Its a way of introducing scarcity to art and value in a digital form and supporting art in an innovative way. And although the buyers own the art, the artists can still retain the copyright and reproduction rights, just like with physical artwork. It has its benefits like you will be able to sell arts that otherwise doesn’t have a very sound market. Additionally, NFTs have a feature that can be enabled, which will pay you a percentage every time the NFT is sold or changing hands.
1.https://www.theverge.com/22310188/nft-explainer-what-is- blockchain-crypto-art-faq 2.https://www.alissachristine.love/blog/2020/10/why-should-i-buy- crypto-art