NFTs are the latest product of the cryptocurrency boom. You can find out more about NFTs and what they are, by reading our guide here – What are NFTs and how do they work?.
But what do NFTs have to do with art?
When it comes to defending their copyright online, digital artists are infamous for having a tough time. That is where NFTs come in. Due to their nature; specifically the fact they are based on unique digital assets, controlled and regulated by the same technology used in cryptocurrency (The blockchain) they are an ideal medium for digital artists to effectively copyright their work.
Non-fungible tokens (NFTs) and their smart contracts allow for comprehensive attributes to be added, such as the owner’s identity, rich metadata, and protected file links, all of which greatly aids artists in retaining copyright over their work. You can think of NFTs in the artwork as a digital version of the artists signature on a traditional painting.
The NFT token allows for a way of signing the artwork to confirm its legitimacy. Just like with a traditional painting where you would verify certain characteristics, such as the artists signature, in order to confirm whether or not the peice was an original and not a counterfit, so you would verify your digital artwork, using the NFT token.
Artists have been inspired by the world of crypto to produce futuristic and thrilling artworks that explore the crypto/blockchain trend.
Another exciting piece of news is that Christie’s auction house is involved in the NFT craze, with a collection recently being auctioned by the famous digital artist Beeples. With Christie’s accepting bids via Ethereum this is truly a thumbs up to the world of crypto and NFTs.
The so-called artworks have been referred to as “easy” by critics of the crypto art industry. Although it’s easy to ignore these works, there have been a lot of serious artists who have made a name for themselves in the crypto art world and deserve to be recognised.