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NFTs Are Changing The Art Industry For Good, Here’s How

Fig: NFTs Are Changing The Art Industry For Good, Here’s How

In their short existence, NFTs have taken the world by storm. Starting with art, the industry bloomed into one of the most sought-after sectors for investments. The division hosts music, gaming, metaverse, virtual real estate, and many others. What makes the sector very appealing to the large audience is that it has garnered the highly investible and rarity factor of an asset. NFTs can safely be classified as one of the rarest and unique assets, with the assurance of security on the blockchain.

Blockchain technology is responsible for the crypto industry. This technology is an online ledger spanning a multitude of systems. It is one of the most secure platforms that can assure the originality and authenticity of the assets with the highest percentage of security. Any of the digital natives made objects or digital copies of tangible assets can be classified as NFTs. So, NFTs in their essence are code, and people are trading and owning code. High transparency and the ability to cut out middlemen and third parties during transactions is the advantage of using a decentralized platform.

How Art Plays A Role In NFTs?

The NFTs are predominantly an art trading platform. The majority of investments made in the sector have dealt with art in some form or another. It can’t be gauged or put in a box, as the talent piercing the market is of different backgrounds. Each of them brings something different to the table. From digital native to the traditional “pen to paper,” any artist can make a bank in the sector.

Top NFT Art Trades From The Past

The phenomenon started from Kevin McKoy, who minted the first-ever NFT termed “quantum,” a series of concentric geometric shapes repeating themselves. The NFT sold for $1.4 million. “The merge,” which is a fragmented art by the artist pseudonym Pak, sold for $91.8 million. The evolution in the platform also gave rise to the NFT launchpads that help the non-coders and artists with no prior technical knowledge to enter the market. By these standards, the NFT realm has set a bar for themselves only they can cross.

The Beneficial Aspects Of The NFT Art Marketplace

The NFT art marketplace is the repository where the art is displayed for purchase. These marketplaces host all these projects from respective artists, and there are also the independent artists who have their dedicated NFT art marketplace where they launch their projects. Unique attributes, utilities, and some rewards systems for members who interact with the platform are paired with the projects. These markets act as the revenue generator for the respective artists and businesses who own the project. These NFTs are usually sold through auctions or at fixed prices. The investors and collectors can then resell and trade in the respective secondary platform for what their market value is in the current climate.

Final Thoughts

The NFT sector is highly beneficial and full of opportunities that everyone who dares to can penetrate the sector. The NFTs are here to stay — their highly adaptable and hospitable platform allows for everyone who participated in the sector to reap the benefits. Go try out the NFT marketplaces for arts and start trading in your future.

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A new tech publication by Start it up (https://medium.com/swlh).

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Geetika Chara

Geetika Chara

A passionate content writer actively working at Appstar. I am delighted with the opportunity to accompany many in their entrepreneurial journey.

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