Have you ever wondered what NFT is in the world of art and how it influences it? Why do people seem obsessed with the NFT universe, especially tech-savvies and crypto enthusiasts? There are many reasons why NFT has drawn the attention of numerous individuals worldwide. Numerous famous musicians, sportspeople, and influencers have launched their own NFTs.
One of these famous collections by one video channel is the sevens nft collection, which managed to attract many fans and collectors in a short time. However, before we give you a proper explanation of what NFT is in the world of art, let’s get to know what NFT stands for in the first place, shall we?
What is an NFT exactly?
An NFT is short for non-fungible tokens. It represents an authentic digital representation of a quality work of art. It’s akin to a deed or a certificate of authenticity, and it’s recorded on Blockchain technology.
Usually, an NFT represents something in a digital form such as audio, video, photo, gif, meme, tweet, etc. It can also represent something in a physical form, but the digital form is much more popular and widespread. Since they are considered non-interchangeable units of data, they differ from cryptocurrencies such as Bitcoin, Ethereum, and others that are fungible.
NFT provides a public certificate of authenticity and proof of ownership to its customers. The most significant advantage of using NFTs is that it eliminates the need for intermediaries and agents. We’ll get to that later, for sure.
NFT in the art world – get all the essentials
Now that you’ve understood the basics of Non-Fungible Tokens, the time has come to explain its primary role in the art world. First of all, as mentioned before, NFTs are beneficial for artists and content creators because they don’t need intermediaries or third parties to sell their work.
Through Non-Fungible Tokens, they can do it directly by themselves, charging 100% of their art’s total price. NFTs are undoubtedly changing the world of art by enabling customers to become owners of their favorite art pieces.
Bored Apes and CryptoPunks
You’ve probably heard about the two most famous NFT projects, Bored Apes and Crypto Punks. These digital illustrations are minted in the form of NFTs. They were released in batches of 10,000 and then traded as unique collectables.
Amazingly, CryptoPunks assisted in kicking off the whole craze about the Non-Fungible Tokens. Usually, these NFTs were sold for between $350,000 and $500,000. However, one has managed to fetch an incredible $11.7 million. In addition to that, Bored Ape Non-Fungible Tokens released recently are also selling for millions of dollars.
One NFT can be registered on Blockchain technology, minted from almost anything you can imagine: a photo of a famous person’s cardigan, a virtual racing car in your favourite video game, or authentic digital artwork.
How will NFTs affect the world of art?
In conclusion, we would like to answer the frequently asked question of how NFT will affect the art world. In short and clearly, it will have more and more impact because the connection between traditional art and Non-Fungible tokens will only grow stronger.
It is expected that the demand for NFTs will increase exponentially over time. If we consider that the current NFT price is approximately $0.025, in five years, it will increase to $0.17, while in 10 years, we can expect one average NFT to cost around $1.31.