NFT’s : The Future of Art?

Welcome to the world of non-fungible tokens (NFTs), which are being regarded by many as the new frontier of revenue generation for people in the arts and entertainment worlds. There has been a big movement in the industry over the last few months, emphasizing NFTs that provide value.

So what are NFTs? Simply put, it’s a unique digital asset with verifiable ownership through the blockchain. This could be a piece of art, an asset from a game, a PDF, or even a tweet. When a creator “mints” a digital asset as an NFT, the minting process creates a cryptographic token that includes the digital signature of the wallet that created the token. This provides direct provenance verification for future collectors, recorded on the blockchain. It also provides creators with a new way through which to produce and sell their art directly to their followers, outside of traditional gatekeepers.

Nfts has allowed for art to be democratised, today virtually anyone with an internet connection can make, view and sell art. Furthermore, the digitization of art through NFTs allows for people to visit galleries in virtual reality. NFTs allow for artists to bypass the traditional gatekeepers who would have been deciding what art is and who gets access to it. This could lead to more artists from underrepresented backgrounds. Furthermore, NFT ownership allows for partial ownerships, which allows for collectors to share future earnings.

However, despite the rapid evolution of non-fungible tokens NFTs over the last year, there is a shift in the NFT market away from just digital collectables where they are trying to incorporate better utility into NFTs at every level, ultimately driving more value for fans and Partners. There has been a movement in the industry over the last few months, away from the initial concept of NFTs as a digital version of licenced items that simply allowed customers to express their support for a brand or assert their ownership of a limited edition. The Bored Ape Yacht Club (BAYC) set the way by making community members their key value offering, with the NFT merely serving as a badge of access into an exciting society with unique advantages.

Similarly, musicians could be empowered by the use of NFTs, other than earning an instant income from the music NFT sale. Music NFTs would allow musicians to build a fanbase by creating a space in which their fans can experience unique events such as hanging out with their fans or by having certain NFTs, it could serve as a concert ticket. Snoop Dogg a notable rapper has accomplished this by having a partnership with a sandbox that gives private party passes to access snoop dogs’ private metaverse parties.

NFTs are not just a fad they will be something permanent in the crypto space. This new technology is Revolutionising. We believe 2022 will be the year of mass adoption of crypto assets by the majority of the public as more financial institutions are getting involved.