Merxwire
24 Oct 2021, 17:06 GMT+10
Digital technology has brought new trends to art trading! Artists can transform paintings, images, sounds, and different forms of creation into NFT to ensure the value and uniqueness of artworks.
London, UK (Merxwire) - At Christie's auction on March 12, 2021, a crypto art, "Everydays: The First 5000 Days" was sold for $69.3 million, becoming the highest-priced creation in the NFT art market. This auction brought more popularity to American digital artist Beeple and made the world pay attention to NFT.
What is NFT? Non-Fungible Token is a blockchain technology, which is a relative concept to Fungible Token of Bitcoin (BTC) and Ether (ETH). Each NFT artwork has a unique set of digital data, which can be traded and tracked, and serves as the buyer's proof of rights so that the virtual artwork can also obtain transaction protection.
The characteristics of NFT are irreplaceable, inseparable, and anti-counterfeiting. Because of its uniqueness and indivisibility, NFT is considered suitable for related fields such as artworks, games, electronic deposits, and identity authentication. Through NFT technology, assets can be crypto and used to confirm identity, increasing the efficiency of transactions.
Why does NFT bring the trend of artistic creation and collection? After the artwork is converted into NFT, it is equivalent to "monetizing" the artwork on a transparent and reliable platform. Moreover, each NFT transaction will be permanently recorded, and buyers can verify the artwork's authenticity. This function makes up for the long-term needs of the art market. It enables buyers to quickly identify the source and value of the art.
Let's look at a practical example. In April 2011, a video called Nyan Cat was uploaded to YouTube. The content was a cartoon cat flying in the universe, with a rainbow appearing behind the cat and background music sung by a virtual singer. After the video was uploaded, it attracted a large number of viewers, ranking fifth in the number of YouTube views in 2011.
At first, Nyan Cat was just a video uploaded to YouTube. But when creator Chris Torres decided to convert Nyan Cat into crypto art through NFT, the public could bid for this creation! The transaction was hosted by the NFT auction platform "FOUNDATION" and was finally sold for 300 ether (approximately US$561,000).
NFT will become the main mode of art trading in the future? Although many people maintain a positive view of NFT, some people still believe that NFT may make virtual artworks a bubble. In any case, NFT has indeed brought convenience to the transaction of artworks and has given the identification function of artworks; NFT has created a new field for finance and also brought different trading modes to the art world.
Get a daily dose of Utah Independent news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Utah Independent.
More InformationWASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...