Non-fungible tokens (NFTs) can be seen as an evolution of fine art, changing the way artwork is collected. The highest-selling NFT to date, CryptoPunk #9998, sold for 350 MILLION DOLLARS. Yep, that’s right. I wouldn’t dismiss NFTs as just a passing fad.
NFTs are unique pieces of our lives that we can buy, collect, and receive. It’s another ‘thing’ that we can attach to our identities and hold for memorabilia. Think of it as your old class ring or varsity jacket, without the added clutter to your physical space. NFTs hold both social and sentimental value because they cannot be replicated or replaced. Like many other things that we own, NFTs are tiny storytellers that offer insight into our being.
What Will These Changes Lead To?
I believe these changes will lead to the rise of digital museums or even physical museums with virtual artwork. This will inevitably lead to a shift for all creative worlds and roles.
I mean, since creatives can now take their art and sell it as a digital collectible, what’s stopping them from doing so? Through these digital assets, the artist maintains ownership of their art while gaining royalties from sales made on their NFTs. It’s brilliant. And since the scarcity of NFTs drives the appeal, artists will strive to create unique and branded collections.
Changes in the Art Community
According to experts in Forbes, NFTs have the potential to change the global art market. How? Because of the essential digital identifiers that come along with the NFT. Digital art has the advantages of speed, demand, ease of access, and security. The emergence of NFTs has assisted in a much more accessible market for both beginner and advanced artists alike. For example, a 12-year-old boy was able to make £290,000 in non-fungible tokens with digital whale art. Needless to say, this is huge for artists that do not have the funds, resources, or access to sell their creations and make a living.
Changes in the Music Industry
Non-fungible tokens have the power to completely revolutionize the music industry. Heck, even the Grammys are on board! A series of NFTs will commemorate next year’s Grammy Awards. More information will be unveiled in January of 2022.
In a world where musicians are earning less than a penny per Spotify stream, NFTs offer the opportunity for artists to build their careers and make money on their OWN art. NFTs are blockchain-based receipts signifying ownership of the asset. So, this provides clarity and authenticity. I’m sure Taylor Swift wishes she thought of this earlier.
Changes in the Writing Industry
Writers like myself are beginning to see the hype and benefits of NFTs. Although our options are a bit more limited than other digital creators, there are still possibilities. Most marketplaces do not accept PDFs, making it quite challenging to make a novel or article a non-fungible token, but there is a loophole. For example, when you mint digital art, you may provide “unlockable content.” So, say your goal is to mint a book. Essentially, you could place the cover art as an NFT listing and make the book’s written content unlockable. So, it’s like selling your ebook via Amazon, minus the 30-60% commission of sales that the corporation takes.
Scarcity and Provenance
Rarity is the key contributor to any item’s value. If something is desirable yet has a low supply, it is worth more. People will pay to acquire this rare and desirable item, not to mention the trackable history of ownership. NFTs have a series of owners, which is a unique part of the item’s history and story. Just imagine, in the future, you’re sitting down with your grandchildren and telling them the story of how your previously-owned NFT now belongs to one of the most celebrities of their time.
In Conclusion....
NFTs are here to stay, and they can change the creative world by:
- Making selling more accessible
- Copyright protection on the internet
- Introducing new opportunities for monetization
- Creating a new way to store art
- Creating an inclusive and protected environment
- Establishing real value for digital content and enforcing scarcity
- Changing the way art is collected and admired
- Changing the value of creations
