HypeDAO welcomes guest writer Sugar during the month of June to welcome artists that are new to NFTs with an exploration of NFT art vs. traditional art.
Definition of NFT Art
NFT Art is a form of NFT in the field of art created by artists. It could be painting, pictures or other types of artistic content.
In the digital age, anyone can easily copy any works. However, NFT will provide sole and perpetual ownership and certification to the author. In a simple way, NFT Art can be copied by many people, but only one original exists and is confirmed.
What makes NFT art so attractive?
Technically, NFTs are valuable because they are rare or unique, which is the resemblance to famous works of art. The appeal of NFTs lies in their digital representation of physical assets combined with the application of tamper-proof blockchain technology, making NFTs impossible to copy, delete or destroy. The NFT transaction process is similar to the process of a work of art being validated and appraised by an expert.
Therefore, when it comes to NFT art, there are 5 factors that make it expensive. Specifically:
- Artist Reputation: The artist’s reputation is a decisive factor in the success of NFT art. 2021 is the time when the NFT craze will explode, and some artists who are just famous in this field have acquired valuable works to increase their reputation.
- Fan Community: NFT’s fan community is also a determining factor in its success. For example, the success of today’s most popular NFT CryptoPunks collection has been largely attributed to its community.
- Applicability: NFT has a lot of applications to popular culture. Famous auction houses like Christie’s and Sotheby’s have begun holding NFT auctions representing a paradigm shift in the contemporary art business.
- Technology: An NFT represents data stored on the blockchain. It can be sold and traded, and each transaction is displayed on the digital ledger. The growth of NFT represents people’s growing interest in blockchain technology and cryptocurrencies.
- Ease of Access: Another important factor when it comes to NFTs is ease of access. Technically, NFT owners can check their artwork anywhere and anytime.
For example, Ghozali, 22 years old and from Indonesia, earned over 1 million USD by selling his NFT photos. These photos are nothing special, just portraits looking straight into the lens. On 9th January 2022, Ghozali sold 1000 photos in his collection on OpenSea with a starting price of 0.001 ETH per NFT. After that, the floor price of Ghozali’s NFT Art photos quickly increased to 0.2 ETH.
Difference between NFT art and Traditional art
Compared with Traditional art, NFT art has many differences. To help you once again better understand the difference between these two concepts, let’s do a few small comparisons with HypeDAO below.:
- Creativity: The core difference between NFT art and Traditional art is that NFTs are seen as assets that exist on blockchain technology. In fact, anyone can create an NFT and sell it on the NFT marketplace. Meanwhile, Traditional art is material art, which can only exist in a single physical space at a time.
- Easy access: Anyone can admire NFT art if it is publicly displayed at a digital art gallery. Now, with the explosion of the digital art market, anyone can easily admire the latest NFT on marketplaces like OpenSea or Rarible whenever and wherever. But with traditional art, people will have to visit a fixed place, be it a museum or a specific gallery to admire it.
- Authenticity: One of the core differences between NFT art and Traditional art is the verification of ownership and authenticity. This is done very easily on NFT. Anyone can easily check the item transfer list since it was created. Whereas, Traditional art uses authentic proofs such as artist signatures or any physical documents. These documents may be forged or fraudulent.
- Preservation: Another core difference between Traditional art and Digital art is preservation. Traditional art works need to be kept in a specific temperature and light, while Digital art does not need these elements.
- Access to customers: Thanks to the power of the internet, NFT artists can reach a larger number of potential buyers than any traditional artist. While traditional works of art are only sold through physical auctions with limited reach of buyers.
- Profits: In the traditional market, artists only sell their works for a certain amount of money only once. However, for NFT artists, they are continuously entitled to a share of the profits from future resale of their digital work.
NFT art vs Traditional art: Which is better?
NFT art has the potential to change the art industry. It has more obvious attributes than Traditional art, such as detailed history of sellers and buyers. However, it seems to be still in its infancy, and there is no clear legislation for this market yet.
NFT art does not have specific regulations like Traditional art. So it is easy for illegal activities, such as money laundering. Traditional art requires signatures and physical documents, which makes money laundering more difficult.
It is undeniable that nowadays everyone is interested in NFT artworks instead of traditional works. It is difficult to compare the difference between these two types at the present time. However, at least it helps diversify more choices for today’s users.
In conclusion, NFT art is a new instrument appearing in the financial market. However, its growth potential is immense. Its applications have proven their worth. Although it is a blockchain instrument, the NFT art can fully affect traditional physical art. At the same time, the NFT art market is still very young, full of opportunities for brave financial investors.
Through the above article, HypeDAO wishes to provide readers with an overview of art NFT as well as its values. Thereby, giving readers a more objective perspective on NFT art and Traditional art.
Ready to bring your art to the blockchain? HypeDAO can help! Contact us for resources to start selling your art or collecting art as NFTs and onboarding to NEAR Protocol.
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